This was a great place. The staff were fantastic and the place was beautiful. The breakfast and happy hour (usually at least 2 hours with included unlimited drinks by the pool) were great times to meet the other guests and the staff.
There are a couple of drawbacks: the grounds are beautiful but fairly small and the walls are very thin - ie normal conversation heard (all the details) next door.
The pool and surrounds are clothing optional and great. One problem is that (in February) it only got sun from 11- 2 due to buildings and trees around. These features do insure security and privacy however.
We toured most of the gay guest houses in Key West while we were there.
Next time we would probably choose the Oasis based on it's size (several pools and hot tubs, large grounds, more (and seemingly younger) people to meet )and a bit nicer buildings/environs - it is right across the street from Equator. It depends what you are looking for - Equator is more intimate, more couples and less cruisy (a bit).
All of the places we looked at were nice though and would stay at any of them. It is a great experience (doing the gay guest house/ bar thing in KW) that probably doesn't have an equal anywhere.
Have fun and be safe!