Bacalhau used to have a great, but somewhat distant location in Praia do Curral. A couple of years ago they moved to the Villa, which is a convenient but not as pleasant a location.
Great food, particularly the Portuguese Cod dishes and some of the desserts (the Papaya cream with Cassis is outstanding there)
Adequate and great value wine list
While the restaurant has a beach view, it is on the other side of a busy road. Traffic noise and, during peak season, traffic pollution can be annoying.