My wife and I came to Newport for the Folk Festival and this was a fantastic place to stay. A perfect apartment to wake up early, grab breakfast from two great nearby coffee shops (Mokka Coffeehouse around the corner, or Nitro Bar a few blocks north, just past Dennison Street) -- we'd bring it back and sit with the sunrise on the deck, looking at the water. There was a ferry on Ann Street (few blocks north of the apartment) which we took over to the Folk Fest every day, super convenient and easy to make reservations.
The apartment is on Thames Street which has tons of shopping (both run-of-the-mill touristy tee shirt/candy shops, but also nice authentic Newport shopping). It's also an easy 10 min walk north to great restaurants in the Harbor -- The Mooring, Perro Salado, Clarke Cooke House, White Horse Tavern, Brick Alley, ect.
For the location and view from the deck, there aren't many other Airbnb's quite like this one -- would definitely recommend and stay here again!