We stayed in the Cocoon for 2 nights and the place was exactly as described. Location was great, 10 minute walk to Fira and with enough dining options close by. If you want a basic "cave" experience at a lower price, this is an option, but it is very cozy (small). The balcony is spacious with 3 tables and yes an amazing caldera view (balcony is shared with other units). Watched the sunset from there one night and we were not disappointed. Only downside was the trip down and up the stairs from the main road. Be ready for a good workout if you have some heavy luggage.