And visit http://resorts.cedarpoint.com/
Breakers is the most popular (and expensive). Its about $300-330 a night if I remember correctly. The rooms aren't great or spectacular but the location is perfect. You can walk on the beach and walk in and out of the park as you like.
Sandcastle is a hotel near the back of the peninsula with suites. I think it is slightly cheaper than Breakers but the location isn't as good, I think you take a shuttle to the Magnum entrance but I'm not exactly sure.
Breakers Express is a very nice hotel. It's the newest and I found it even nicer than Breakers, the only downside you have to drive 1/2 mile to the park. It's only about $100 a night so it's not too expensive.
Radisson (is it still called that since it has Castaway Bay?) is also a nice hotel I stayed at back in 2000 when MF first opened. I thought it was great. Like Breakers, it's not on property but now with the water park I'm sure it's even better than it was.
Theres also Lighthouse point which is near the Sandcastle. They are basically cabins and cottages, just like small homes with kitchens and stuff. Those who've stayed there say they are nice.
All of these hotels let you enter the park 1/2 early to ride Millennium Force (which is always open) and Dragster. If Dragster isn't open than it is usually Magnum or Raptor. Generally the hotels have a sign that says "JOE COOL RIDES TODAY ARE..."
Above is a link to the resorts at CP.
Where ever you stay, you'll have a blast!