Pros: If all you care about is the ocean view and access to the ocean, surfing, etc., this place is fantastic. You are literally across the street from the ocean and the views are spectacular, especially the sunsets. If you are young with young joints and backs, the furniture and bed will likely not be problematic. As long as the owner continues to easily rent the place based exclusively on location, there is no real reason to address any of the issues in the apartment itself.
Cons: If you care about comfort and the living experience itself, there are some issues. Four of us spent a week there, and the apartment is not only 'dated' as a previous reviewer observed, but downright shabby and not well maintained: There are vertical blinds missing in both the living room and master bedroom; there was a leak through the sliding-glass door into the master bedroom after a rain; I informed Megan who said she'd bring some towels over; that did not happen. The furniture is old and uncomfortable; the mattress in the master bedroom is spectacularly hard and made it difficult to sleep for both my spouse and myself. Bathroom doors creek and squeak loudly. Etc. We were in the bottom apartment (up one flight of stairs so equivalent to the second floor) and there were also tenants in the top (3rd floor) apartment. The sound-proofing was non-existent and you can hear everything, quite loudly.
Again, if your only priority is ocean access, this is the place for you.