Hands down living on the Island is the way to go. Its like our own little enclave of SNAs and (some) instructors. Friday nights at Farrah's is where you'll find a plethora of SNAs (the same ppl you see everyday at the squadron), SNAGs (student naval aviator groupies), and instructors (the only place to see your IPs in chokers falling down drunk).
On that note, I will be vacating my BRAND NEW CONDO in a few months if you are interested. Its on the island, 2 bedrooms 3 bathrooms, tile downstairs, carpet and a loft upstairs, and has a garage. If you're interested, send me a PM or your email and I'll send you more info and photos if you want them. If you have ever been down here, or know anyone, its right in the area where everyone lives; "right off of whitecap." Nice, quiet and safe neighborhood, with SNA neighbors.