It is different now, because of Club O being gone. No Papagayo's, no evening meals on the beach, no security guards per se, although Cedric and his crew do rent chairs and try to keep things under control on the beach itself. Off the beach in the ruins of Club O, I understand some shenanigans go on from time to time, but I haven't seen them. The Perch has a much smaller menu than Papagayo, but the food there is good. Overall, other than those very significant changes, the vibe is much the same, because it is mostly the same people who inhabit the beach.
As far as places to stay, it depends on if you want a c/o vibe or not. There are many, many townhouses for rent, right in the Orient Village area, with easy walking distance to the restaurants. And there are a number of private villas in the area also. Adam et Eve is right there along the main drag in Orient. I personally haven't seen it, so no recommendation there one way or another. We stayed at Club Fantastico once, several years ago. I don't know what their current policies are about PDA's etc. The place is nice, and has lovely views, good location, but it's kind of pricy. We recently toured Kazanu, which is in Oyster Pond. They currently have 5 rooms (looking to expand to 7), and a c/o pool area. If you're looking for something more on a budget end their three rooms downstairs are a good deal. Upstairs, the La Vu unit is absolutely STUNNING and has everything you could want, including dishwasher, full sized fridge with icemaker, washer, lovely living room and master bedroom, and a huge outside porch with a table and outside couch, with a lovely view over the ocean. It is quite a bit more, but is comparable to many private villas I have seen.
La Vu at KazanuHere's the view from the La Vu unit.