Hi Daz
Welcome to Mar Y Sol! It's a great place. We bought in February this year and have been out there several times and so have friends and family who all loved it. Formentera is quiet and friendly. Some bar/restaurants, but not many. Rojales (out on to the main road and turn left) has more shops, bars, restaurants etc. as does Benimar and Benijofar (all walking distance).
The Tapas bar next door to your block is very Spanish and lovely.
Guardamar is the nearest beach and it is absolutely stunning there. It also has loads of restaurants, shops etc. but most of the restaurants close in the winter.
Torrevieja is home from home - very English, very lively, still lovely though. Everywhere is nice and clean and welcoming.
Our advice would be to hire a car. You're probably going to need to go shopping, unless you're bringing your home from England and to get around to see everything a car is a must. I believe a taxi from Alicante is about 60 euros each way - you can hire a car for a week for less. There isn't a bus apparently. You should also consider flying into Murcia. It's smaller and you wizz through much quicker. I don't know if there are buses though (doubtless someone on EOS will though, because they're a smashing helpful bunch).
Maybe we'll meet up one day.
Best wishes
Irene