We recently returned from staying in this apartment and will say it was one of the best we have ever had. It's owners, Julie and Nesha were a pleasure to deal with and they have ensured that it is well equipped with everything you could possibly need for self catering. An added bonus is that it has a very large balcony which provides glorious views of the bay.
As the description states and the other reviews have said the apartment is in an ideal location, just a stones throw from the sea and promenade, the Old Town, a variety of shops and many good restaurants. However, as Herceg Novi is a large tourist resort, we did find it useful when we wanted to venture further afield that the local circular bus stops just outside the apartment and made getting around very easy. If you don't fancy the uphill walk, this bus will also take you to the main bus station and from there you can take buses to Kotor, Budva and Dubrovnik very cheaply. We paid, one way per person - Kotor 5 euros, Budva 7 euros and Dubrovnik 15.5 euros return (Don't forget to take your passport!). The bus trips to Kotor and Budva were especially good, as they gave breathtaking views of the Boka Kotorska Bay.
Finally, I must add that the apartment was exceptionally clean on our arrival and the housekeeper very friendly and although she could speak little English, she showed us where everything was and made sure we were happy before leaving us to enjoy our holiday.