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I stayed at both Flamingos and Billabong. Both fine hotels, though Billabong is more for the average tourist. If you're bringing home a wide variety of female friends the management won't object, but you may get some raised eyebrows from fellow guests (which can be fun in and of itself).
While I agree you should take motos at night, I never had a problem walking between Flamingos and Heart of Darkness or any of the other bars on that street.
The motodops are great for getting around the city. Just hire a guy you like for $5/day. I've never had much time for the motosai drivers in Thailand, but for some reason I've always made great friends with the motodops in Phnom Penh.
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