You most definitely haven't made a mistake! It's nothing like Magaluf or Palma Nova! I think it's still only got one nightclub to begin with (and that one is pretty low-key), and I very much doubt that any stag parties or 'lads/lasses on tour' have ever made PP their destination. We visited in April and can confirm that it is as beautiful and peaceful as ever - nothing can beat that view over the sea, and it never will. I've rarely seen members of the tattoo/Union Jack shorts brigade - even in August, they are in a tiny minority - funnily enough, one of the small number I have glimpsed (a number of years ago now) was clearly there on a day trip from another resort - standing on the Pine Walk, in front of 'that' view, he turned to his wife, obviously disgruntled, and said 'I don't think much to Puerto Pollensa'..... Says it all, really. Obviously Mallorca, along with the rest of Spain and Europe, has been through a bit of a difficult time, but then I live in a fairly affluent town in the South East of England and we have had our fair share of shop and restaurant closures. Nowhere has been immune, and actually I felt a lot more optimism among PP restaurant owners in April. Places which had been struggling a little at the height of the recession definitely had much more of a buzz (and a lot more customers)! We think it's an amazing place - so much so that as soon as the children (hopefully) fly the nest we are moving there permanently. I can't think of anywhere better to be!
Sunny and Scotslizzy by the way are right re. the water park - I too flung up my hands with horror when I heard about it but the reality really isn't too obtrusive - it's quite a long way out at sea, not huge and is actually great for older children and teenagers. The couple of new beach bars are actually really civilised and attractive, and I think they've done a lot to enhance the beach area.
When you arrive in June, go and sit at the terrace of the Miramar, order a drink and gaze out to sea. Then you'll know that PP hasn't changed!