The reality of the villa is everything the photos promise - a really well appointed property with breathtaking views. We spent two weeks here with the extended family - our parents/parents-in-law, us and our 3 & 5 year old children. Everybody enjoyed the stay and made use of the fabulous pool, cinema and multiple outdoor seating areas. The villa is just outside the main town - it's walkable (up a fairly steep road) especially to the nearest Taverna, although we used the cars to ferry the older and younger members of the party.
The activities available in the area are great including the underwater "semi submersible" boat trip from Agios Nikolaus, visiting Spinalonga, local boating and water sports facilities and a range of really nice restaurants. The local beach in Elounda is nice with sandy and stony areas so good for on the beach but also snorkelling - lots of scallops and fish to be seen.
At least one of the local supermarkets will do a delivery service (including fresh meat and fish) so if you want to self cater that works well. Equally, some of the restaurants deliver and the meal we had prepared for us at villa was lovely.
The only guidance I'd give would be if you have particularly infirm folks in your group there are inevitably some steps to move around the property as it's on a hill. Also due to the relatively open design of the (very nicely done) landscaping, the pool is not physically fenced off which is a consideration for young children.
Overall, an amazing place, views I'd never tire of and somewhere I'd love to go again.