6 of us just stayed there for 5 days/4 nights and all of us left satisfied w/our decision to stay there. I'll start with the good things...Location is perfect! You are a 30 second walk from the beach, restaurants, liquor/convenience stores, anything you may possibly need. Entrance to the loft is very quiet and gated so there was never anyone bothering you. The loft itself was very nice, pretty much exactly what the pictures portray. There is PLENTY of room as the loft itself is huge. I don't think you will find anywhere else this big for the price on South Beach. Sleeping for 6 individuals was pretty easy as there is a King bed, Queen bed, large sectional couch, futon upstairs, and another "futon" downstairs.
Now with the "bad"...being a loft, everything is wide open and there is practically no privacy. It wasn't an issue for us, but just be prepared to see and hear what everyone else is doing. The loft is in the heart of South Beach and has had it's fair share of rentals so not everything is in perfect condition. If you want everything to be spotless and clean, stay in a hotel. Also, the only thing provided are towels. You will need to bring your own soap/toiletries, toilet paper, paper towels, etc. Also, if you have a car and plan on using it often, parking will be annoying and expensive.
Overall, I would recommend this place to anyone else, but it just depends on what you are looking for. There's plenty of options on South Beach, so choose wisely!