Orange Beach can be less expensive than Destin and SoWal. The water is really just as clear and beautiful as it is on the Florida panhandle. I don't ever notice a difference.
The condos and beach houses are nice, especially the farther east you go, towards Perdido.
To me, Gulf Shores is hardcore spring break/college/high school/locals crowd. Then you go east for a few minutes and you're in Orange Beach and it becomes a little higher end, with more families and nicer condos and highrise hotels. Still plenty of college kids. But it's not out of control.
The Florabama is fun. For anyone going there, though, be careful. The police basically park outside of the place and wait all evening for people to leave the bar and get into their cars after a night of drinking Bushwackers.