Fantastic view of the Caldera. Every evening we bought a bottle of wine for €10 and watched the sunset, and then later layed down to stargaze.
Location was excellent. Very close to Thira, but far away enough to be quiet. We weren't at street level, which was good because pedestrians often stop to take pictures of the houses so we were glad we were situated on the second floor.
There are some nice tavernas and bars in the area too.