Having lived in Key West the last three years, I can tell you:

KW beaches are nothing to brag about.
Margaritas are too expensive.
Duval Street has the worst T-Shirt shops in the country
In your face diversity (Fantasy Fest) gets old
Gas is forty cents higher then Miami
Resturants have decent over priced food.
It's a myth.

Vagabond: I'd rather go to Gig Harbor.