This place is gorgeous and I can't wait to come back. Beautifully simple accommodation in the most picturesque, atmospheric and peaceful village. There's not much to do - just kick back on the terrace (great for spotting shooting stars), jump off the rocks into the sea or climb up to the Sciara del Fuoco.

Il Terrazzo di Ginostra was a bit more expensive than other places we stayed in Sicily for comparatively fewer amenities, but it was definitely the most memorable. A few tips for future visitors:

Turn the boiler on a good 10-15 mins before you need hot water
It's hard not to get water on the floor when you shower, but it's not a big deal.
Use the store near the church - da Rosita. It's run by a lovely family. Because everything needs to be shipped in to Ginostra, groceries are expensive, so bring as much with you as you can.
You can't buy fish in Ginostra - I went down to the harbour at 7am in the morning and there's no fishermen. I found out later that you can only get fish (and meat for that matter) in Stromboli town, or even back in Lipari.
There's no wifi here - only one very temperamental wifi hotspot in Ginostra, so get all of your admin/tickets out of the way before you come - and enjoy switching off!
The restaurant near the harbour is expensive and not great, but we did have lovely aperitivos in Nonna's which is next to the apartment. Just cook at home, it's lovely.
The best place for swimming that we found was a 20-30 minute walk around the island to the south, along the path past La Stella restaurant. It's a lovely walk and at the end their is a little ramp for boats and lots of locals swimming and spear fishing! (They wouldn't sell us any though) Go to Stromboli town if you want beaches.
Definitely ask Mimmo to show you the path up to Sciara del Fuoco, it's a brilliant place from which to watch the eruptions... take beers!

Overall, it's a gem and highly recommended.