Stayed in the Ocean Cottage for a week in June 2012. The location is excellent! This is a beach condo with no A/C. The large deck has a great view of Bailey's Beach. However it is in full sun all day without any umbrellas for shade. As to amenities, the kitchen is a mismatched selection of dishes and very dated appliances. Bedding is similar. Bathrooms are oddly laid out. I'll repeat myself by saying the location is great.
For those lucky enough to rent the penthouse, it is recently renovated with much nicer amenities!
No A/c in penthouse either and there are hot and muggy days in Newport in the summer.