Welcome allink41!
My husband and I first visited Aruba in 2002 for our honeymoon and have been back every year since.

We were looking for a place with great weather where we could just kick back and relax. As for a place to stay, we chose the Marriott only because of a deal we found, but there are a lot of great places. You are definitely in the right frame of mind - you spend so little time in your room that it is definitely better to save a little more money for dinners and activities than a high end room. Friends of ours honeymooned last year at the Divi All-Inclusive and had a great time. Personally I would skip the all-inclusive simply because there are so many great restaurants on the island, but that would be your call.
Cost can vary so much. I can tell you what we do to give you an idea. For breakfast, we have a bagel and some fruit. For lunch, my husband and I will split a lunch by the pool. The portions at the Surf Club are pretty good size. And with the heat, we usually aren't all that hungry. We keep some sort of munchie in the room for mid-day. We save our money and splurge on great dinners at night. All in all, from breakfast to dinner, we probably spend about $150-$200 per day on average for the two of us. Some dinners are cheaper, like Moomba's or Smokey Joe's, and some are more extravagant, like Flying Fishbone.
Not sure if you are looking for suggestions on activities, but a jeep tour is a great way to see the island. If you or your other half ride a motorcycle, Big Twin offers a fun tour too.
And the most important tip - bring plenty of sunblock!

I never saw my husband get a sunburn until we went to Aruba.
As you start to plan out your honeymoon, be sure to let us know if you have any questions. The posters here are a wealth of information. I have learned so much here.