We had a great time. First time on the island, and doing Santorini on a budget is tricky. But it's so beautiful and there are ways to do it affordably if you look around. Tips: Oia is as great as everyone says; Fira is overcrowded and overpriced (but still beautiful) - Imerovigli is a better option - and the villages in the middle of the island are lovely and quiet. The best food is in Ammoudi bay (Oia), Imerovigli, and Pyrgos/Gonia in the interior. The best beach is at Vlychada in the south.
Floralia was a great base. You have to hire a car anyway if you want to see the island on your own terms, so it didn't matter being a little off the beaten track (and it's quieter at night). Fira is a 20 min walk away and there are buses, so you can get the caldera view without driving if you want, though it's a very busy road to walk along. You're the same distance from the beaches as anywhere that isn't actually a beach resort, so that's fine. Flora and Jack are great hosts, really friendly and helpful (they even bought us a coffee pot!), and Jack picked us up from the airport and dropped us off again at the end for no extra cost. It's a budget hotel but you would only really know it from the furnishings, which are a little basic. Our room was comfortable, clean, spacious and quiet, and we had a balcony. Not bad for the price!