The apartment is in the best possible line cation for access to Waikiki beach and all of the shops, bars and restaurants. It's also conveniently located for the public bus service which makes it far cheaper to get around the island than using cabs.
The apartment is a small studio so you need to be creative to maintain space when you've got limited wardrobe and storage space. As we were two friends sharing, we used the sofa bed which has seen better days and early needs replacing.
The studio is perfect if you literally want somewhere to dump stuff and be out all day. Just be aware that noise from outside (street cleaning at 2am!) and your neighbours slamming doors means sleepless nights for those of you who are light sleepers. Overall it's still represents excellent value in a city and area that can be grossly expensive.