We have today returned from an amazing weeks stay at Esperas - room 114 a fabulous cave studio. All rooms have a private terrace, and the hotel also boasts an azure blue pool which is the envy of many foot sore & weary day trippers to Oia. The staff are highly attentive whilst being completely unobtrusive.
Couple of recomendations - GO, STAY, Enjoy! Don't bother bringing too much lugage, there is no need and it's a pain for the porter to carry it down all the steps for you. If you are unsteady on your feet/don't like steps Oia/Esperas isn't for you! We loved the fact that each time we left the hotel you were able to have a free work out with the 80+ steps up to the village - better than any gym, with a breathtaking view! Also, leave the stilletos at home ladies - flat and comfy should be the order of the day.
When eatimg out you must try Ambrosia and Nectar - the best meal I've ever eaten on any Greek island! Also good was the sister restaurant - Ambrosia. For a great fish lunch try Sunset on the harbour below Esperas and in Perivolas, Merissa (I think, which is the 1st fish place you come to as you walk along from the ruins at Akrotiri) was also fab!