I recently stayed here w/a friend and family while visiting w/my brother on the Naval Base. It rained our 1st few days, and we didn't mind spending time in the unit. It was very comfortable w/enough space that we weren't in each other's hair the whole time. The staff was friendly, the amenities great, the grounds are well maintained, and we were able to walk everywhere on the island. You will have to stop at a grocery store before you get to the island or make another trip back inland, but that's not a real hassle.
As far as noise from the bars nearby, I never found it to be a problem. When you're at the pool, you can hear music from "Paradise" next door, but it was normally just a guy w/a guitar. Late at night, you can hear distant music from the night life places down the street (Cap'n Fun, Flounders, Bamboo Willie's, etc), but I only heard it when I was on the pier. I could occasionally hear music on my patio, but never when I was inside the unit w/the doors/windows closed. I love music and found it enjoyable to listen to while I was relaxing outside.
We didn't have a problem w/parking either. The spots are limited, but there were always several open, and we were coming and going at different times each day. There are also cops in the parking lot at all times. Whether they're watching the road, the parking lot, or the units I'm not sure, but it definately helps keep people moving instead of loitering near the condos.
The only bad thing I can think of is that you have to pay a toll to get to Pensacola Beach and the condos. This wouldn't have been a big problem if my brother's unit hadn't gotten restricted priveledges the week we were there. We'd planned on just picking him up when we got to town, and then taking him back when we left. Because of the restriction, we had to pick him up every morning and take him back every night-- which is about 40 minutes roundtrip each time (so 80 mins a day for driving), plus the bridge tolls. We went thru an entire tank of gas just driving back and forth. If you're looking for something close to the Naval Base, this is OK as long as you aren't making frequent trips. If you're going to be driving back and forth a lot, you might want to book elsewhere.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.