This is a great location. While it is floating (literally), we never noticed any movement at all, so don't be worried that you might get seasick! The wharf can be busy during the day, esp if there are cruise ships in port. But after 9pm, the shops and restaurants close and it's quite quiet. You may hear the occasional float plane taking off early in the morning.
The second B at Carene's BnB is provided via coupons for two nearby cafes. Imagine Cafe (a 3-minute walk) is much preferred: excellent coffees, and a short menu of freshly-made organic fare (french toast, breakfast sandwich, fruit, granola, yogurt, etc). All very tasty.
It's a pleasant 15-minute walk from Fisherman's Wharf to the 'heart' of downtown Victoria: The Empress, the Legislature Building, the Royal BC Museum, the Robert Bateman Gallery. Or, for $6 you can take the funky H20 water taxi which literally stops at Carene's door.
In a word: Highly recommended. (oops, that's 2 words. Sorry).