As the description indicates, you cannot beat this location. Close to the action but out of range of the noise on the Ocean Front Walk. The beach is a two-minute walk and Abbot Kinney is less than 20 minutes away on foot. A great restaurant, James' Beach, is one block away, as is a well-stocked party store. The unit is quiet and dimly lit and the bed/pillows are exceedingly comfortable, so we slept like one should on vacation, long and restfully. The shower was nice, too.
There is very little natural light because of tall ficus trees out front, and heavy drapes cover the front windows, so it felt somewhat cavelike. Thus, it's not a great hangout place for lounging during the day. And the sleeper couch isn't particularly comfortable to sit on, but that's what the spacious rooftop deck is for. This is a wonderful amenity, with comfortable seating and real nice views of the mountains and the ocean. Just beware that the curfew is a very early 9pm. Because there were no guests directly below us on our first two nights, my wife and I stayed up there until 10 or 10:30 just enjoying the evening with some adult beverages. Given the rules, we were very quiet about it, but still we were admonished the third morning about following house rules. I think the security cameras throughout the property gave us away, so we couldn't help thinking the cameras were less about security and more about surveillance of guests.
Still, for location, bed, and rooftop, this place is an excellent option if your vacation is more about getting out and seeing Venice and the beach than it is about chilling in the apartment.
Pro tip: Bring your own beach towels if you can. The two supplied are really just bath towels.