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I've used Agoda.com for the hotel bookings I made for our Boracay trip in April 2012. So far it was an easy booking process and with instant confirmation. To check the validity, I asked my cousin to double check our bookings and it was confirmed by the hotel too.
There's a rebate given for every booking done at Agoda.com and you can use it on your next bookings.
Payment can be done by Credit or Debit Cards and Paypal. I paid $600+ of my blogging earnings for our 3-day booking for 6 pax. Now I'm (PP) broke!