1. The location is great for the harbour and the views are stunning, but unless that's all you're going for, there's not a ton to do in Torquay proper. Be prepared to drive around/travel if you're going for a few days. We took the ferry to Brixham for a change of scenery.
2. Parking isn't brilliant. When we arrived (an hour before 3) we opened the key safe and there was a key for a parking bay included. However, someone (who didn't identify herself) happened upon us and took the keys saying the apartment hadn't been serviced yet. She told us free parking was on the street. When we returned, the parking bay key was no longer in the safe.
3. The kitchen has most of what you need, but bring your own tea, coffee, and milk, even if you won't be completely self-catering. I may be a tea/coffee snob, so take that as you will. Quality just wasn't brilliant.
4. The bed is on the hard side, which was ok for us, but not everyone would sleep well on it. Also, I recommend bringing your own pillows. The ones provided are hard and flat.
Overall, it's a nice apartment: clean, though getting to be a bit 'well loved' (the photos on most websites reflect a new apartment, I believe) I wouldn't call it five-star digs, but if you want a location convenient to the Torquay harbour and nice views, this is your place.