My fiance and I spent a week here and the location cannot be beat! Directly on the ocean, full sun every morning. The photos do not do it justice. It is pretty spectacular.
The space is exactly as advertised: comfy living room with a gas fireplace (which we used every night), big outdoor porch overlooking the water, full kitchen with everything you need to make simple meals. The space was immaculately cleaned and very easy to get to. We didn't have any issue with parking or traffic on the PCH. The Malibu Pier is an easy walk. Grocery stores (Whole Foods, Ralphs, CVS), coffee shops, and restaurants are less than a 5 minute drive away. Zuma beach is maybe 10 minutes away. The location is ideally centered: you can be in Calabasas or Santa Monica in 30 minutes.
The space was the perfect size for two people. I will say that if you're tall, the shower might be in an issue. I am 5'9" and the shower-head was at eye-level. If you're 6'+, that could be a bit tricky. The bathroom itself could use some updating but that is nitpicking.
I will note that the property is managed by a company so bear that in mind if you're looking for a more hands-on approach from a host (guide books, recommendations, etc.). That was not an issue for us and we really enjoyed the privacy. I would absolutely recommend this place and would stay here again in a heartbeat! Just be prepared to miss that view and the sound of the waves once you leave.