Wow--a great response! Here are a couple other thoughts to entice you all.
Lodging in Summit County--in fact, just about everything in Summit County--is the cheapest it gets right now. Other than the great skiing at Arapahoe, this is "mud season." A lot of the locals have left town for vacation or other summer destinations. And there aren't many visitors. There isn't much else to do around here but ski (not that you'd need more!)--although on a sunny day, it can be great for riding a road bike. It's too early for mountain biking, rafting, golf, tennis, and backpacking, but the fishing is starting to get good.
The best alternatives for lodging are probably the chain hotels (Four Points Sheraton, Super 8, Holiday Inn, Best Western, etc.) in Silverthorne, Dillon, and Frisco, some of the smaller private inns in Silverthorne, or even the resort at Keystone, just 5 miles down the road from Arapahoe (there's no lodging at The Basin, although camping out at "the beach" in the parking lot is very popular--it's a big party). Keystone may offer great deals, since the resort is all but deserted right now. There's also a little hostel-type place in Silverthorne called the Alpen Hutte. It's inexpensive dormitory-style lodging, but when it's slow, you'll probably get your own room. Lots of options!
Most of the local restaurants have 2-for-1 specials. Any ski gear still left in the shops is usually priced for clearance. And the skiing really is great!
Of course, it is NOT dry winter powder, even though there's up to 10" of snow in the forecast for today. The big spring storms are usually pretty heavy snow. On sunny days--that is, most days--you can expect the snow to start firm, softening nicely by mid- or late-morning, depending on the weather and the exposure. The afternoon snow is typically perfect spring corn, maybe even slush toward the bottom. If it's clear at night but overcast the next day, the snow may never soften. They'll do a good job grooming, but the off-piste stuff can be "interesting" when it doesn't soften.
At some point, as summer slowly takes over, they'll close the lower part of the mountain, requiring downloading on the Exhibition lift back to the base. At the rate the snow is going now, I don't see that happening until well into June, but a real warm spell could change it.
In short, you never quite know what to expect for spring conditions. It could be two feet of powder, or frozen coral and death cookies, or anything in between. Be prepared--it's all good! (Or at least, good for you.)
Anyway--I don't want anyone to have false expectations. Spring skiing at The Basin is truly legendary, and it can be fantastic. But it IS spring skiing.
Given the typically busy weekends and the deserted weekdays at Arapahoe, how many people here would prefer--and could make--a midweek program? The weekends can be fun, but it's a big party, with music, barbeques, frisbee, and long liftlines. If you want to SKI, midweek is much better. Let me know, and I'll make a proposal to the management at Arapahoe this week.