It all depends on how you get around the island. I suggest if you stay more than than a couple of days rent a motorbike from Nicke or elsewhere and have complete freedom to go to great beaches (Leam Sing), go to my restaurant The Red Room
(plug plug) or elsewhere. At night if your drunk you can take Tuks Tuks or even motorcycle taxis which are cheaper and all over.
Stoney Monday is close to the action but better to take a motorcycle taxi for 20 baht to and from the hotel to Bangla.
If you want something really cool, great view and more I personally live at The Hilltop hotel it's got a pool, bar and it's very cool and serene. A little more expensive then Stoney or C&N but a great view and quiet.
Also my restaurant(plug plug) will do hotel pick ups if you call for free so you can just drink and party.
If you stay long time Tuks Tuks can get expensive and don't forget to bargain as they are a bit of a ripoff here on the island compared to Bangkok.
Cheers!