Hi Tom,
My club team (swimming) used to go there for training camp. Although all we did was swim, 90km per week, I remember some of the things on the island (other than the tiles at the bottom of the swimming pool). It can get really hot and really windy. Although the temperatures aren't that hot during the winter months. The facilities are all really nice. And then there were those hot blonde aerobic instructors! All men on the swim team used to do some volunteer aerobic session after our morning practices...and swimmers are usually not very talanted at that kind of thing.
I also remember that the triathlete that came along left after the first week. He couldn't take the boredom of the island anymore. He's been there many times and the scenery can get boring after a while. The island is not exactly big. But it's nice to go there every once in a while. I wouldn't necessarily spend my money and travel there from the US. There are many places in the US you can train during the winter months and it will save you some money. But there are many, especially German triathletes, that go there to train in the cold winter months.
I wouldn't travel there from the US to train. If you really want to go to the canary islands, spend the money for the trip and do the IM. Stay a couple extra days for recovery and go diving, enjoy the beaches, and surf. Plenty of people are on party vacation near the southern part of the island, around Puerto del Carmen.
I just found a map and read that Lanzarote has approximately 900 square kilometers (including some other smaller islands around). Look at the map and you will realize that you will not have that many options for longer rides. North-South distance is 60km, East-West distance is only 20km.
hope that helps,
daniel
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