Well, new to me at least (it appears to have been in business since at least 2005)! I stumbled across Sipadan-Kapalai Island Resort in Malaysia rather randomly during a Flickr search, and fell in love. It appears that getting there would be an adventure unto itself, and the bungalows are not super-luxe. However, the area is stunning, the snorkeling and diving look unbelievable, and the OWBs are lovely, spacious, and look out over insanely clear water. I especially adore the way they've put a giant window right next to the bathtub, so you can gaze out over the sea while you bathe. While it's not incredibly cheap for Southeast Asia, the resort is an absolute steal compared to what you'd pay for an OWB in French Polynesia or the Maldives! For about $1000US (non-divers) or $1250US (divers), you can have a 3 night stay for 2 people, including accommodation, meals, some drinks, transfers, and tons of dives (the last only if you get the dive package, of course).
The hotel's website is not particularly user-friendly or informative, but here is the tripadvisor link, which has tons of great pictures and information: http://www.tripadvisor.com/Hotel_Review-g303996-d454985-Reviews-Sipadan_Kapalai_Island_Resort-Pulau_Sipadan_Sabah.html
Also check out S-KIR's sister resort, Lankayan Island Dive Resort. No OWBs, but simply stunning location, with spacious bungalows right on the beach!
http://www.tripadvisor.com/Hotel_Review-g303997-d637481-Reviews-Lankayan_Island_Dive_Resort-Sandakan_Sabah.html
Looks like Malaysia just moved even higher on my "must-visit SOON" list!
