We, a family with 2 kids aged 8 and 10 stayed three nights at the Truman. In general this hotel is very well situated, walking distance from Duval street, the beach etc. We didn't use our car during our stay! It has an excellent atmosphere due to it's briljant design. Very stylish garden/pool/bar area, with music, beautiful garden. The pool is small, and watertemp high, but sufficient to relax (even with 2 kids).
We stayed in the Truman cottage, a small house seperate from the hotel. Friends of us stayed at the hotel and complaint about the noise, we didn't have any problem with that.
The breakfast is 'self service' around the pool area, a reasonable choice.
I highly recommend this hotel to anyway staying in Key West. A very un-american hotel due to it's 'boutique' like character!!