House prices aren't so cheap down there anymore - they have just settled from a fairly meteoric increase over the last 3 - 4 years!
The area itself is pretty good - more so if aren't too worried about going to England often. (It is a b1tch to get away from!). Shopping is okay for every day stuff, but your better half will probably want to go to Swansea shopping now and again.
The beaches are pretty and there are some great little pubs that do good pub food stuff. (The one by the harbour on the way to St Davids is a personal favourite).
The locals are very friendly as well - they haven't burned out an Englishman for years! (No idea if that is because so many squaddies marry local girls!) They do, however, get fresh on a Friday and Saturday. As do the squaddies.
My family really liked it down there and it was a bit of a wrench moving to be honest.
Hope this is useful. All the best if you end up there.
El Gringo and Dizz are right.. The local area is lovely if you enjoy walking, running, surfing and those weird bike/kite things you see on the beach! I'd say it's an ok place to live, if you don't mind being far away from luxuries like big shopping centres and decent cinemas. And don't expect much of a nightlife.. the few clubs in town are infested with squaddies and classy women(!) and are really not that good. If you want a good night out or decent shopping, you'd have to head towards Swansea which is around an hour's drive away.
If you want to know anything else, let me know and I'll do my best!
And I've also heard that they are seriously diffy on Quarters down there at the mo. If you are MPGS then you're not entitled to a hiring so it'll be a long wait in the mess before a Quarter becomes available.
i think the current waiting list for a house is about two months. Quaters are really nice and the estate is lovely as well. Got to agree with the comments on night life it is a bit pants down there. Three clubs, and a few pubs. Trouble only tends to really kick off when England play Wales at anything. Locals are friendly, except the younger lads who are anti-squaddie like i said. Again beutiful country side and beaches in abundance. Think everyone has already covered most points as well, not very good for big retail shopping. out in the sticks so its a bit of a pain in the arrse getting back to England. MGS staff currently working there are sound.