This apartment really does have a wonderful view of the bay... on a clear day it is a two bridge view. However that is its most redeeming quality. The unit does have a tough 4 flights of stairs down to the unit (with a rickety hand rail) and it is appointed with what i describe as furniture, etc. consistent with my undergrad college apartment.
If you want to be at the top of the Berkeley hills (steep roads, etc) with a view, It is a decent alternative, but be aware of its downsides.