Vic Bay is one of the most beautiful little bays I've been to. Consists of about 15 properties in a row, seperated from the sea by a narrow road/walkway. You can literally stand on your deck and spit into the ocean (not saying you should, just a figure of speech). Only residents can bring their cars onto the front road, so there is no problems with parking and congestion. I had stayed at the Waves B&B before and it was wonderful. However, the owners also have a 4-bedroom self-catered apartment about 3 doors down from the Waves and this is where we stayed this time (October 2011). It was perfect as we were 4 guys on a 6-day golf tour, so we each got our own room (you know how guys get when they have to share a bedroom). We also had a huge open-plan lounge/dining/kitchen area, leading onto a deck overlooking the sea. We really could not have asked for a better setup.
Vic Bay is really very central if you are looking to visit the towns along the garden route, or play some of the many top golf courses in the area. Mossel Bay (Pinnacle Point Golf Course) is about 50km to the West. Knysna, a jewel of the Garden Route (and home to Pezula and Simola golf courses) is about 50km to the East, and then George is about 5km inland from Vic Bay. Aside from a range of courses (Fancourt, Oubaai, Kingswood, George cc, etc) George is also the largest town in the area, with malls, movies, bars, clubs etc. if that is your thing.
Although we did not see much of Iain and Lisa, we knew they were there if we needed anything, and they were very friendly and helpful when we did see them. For us, that was perfect.
I would most definitely recommend this venue, whether at the B&B or in one of the self catered units. It is perfectly situated, and to go to sleep with the sound of the ocean less than 30m away, is special, as is waking up to a cup of coffee and breakfast looking at a stunning sunrise over the sea.