Olongapo itself is a s-hole. What you are probably referring to is the Subic Bay/Bario Barretto. Lived there for years. If you're into bargirls - overpriced barfines due to basically one American pimp named David Fischer owning all the bars, dirty beach/water (we call it Sewerbic), crap hotels, condo/housing rental prices exploding.
Falang food is ok.
Weather is good.
No hurricanes big enough to really cause too much damage.
Mall
The former "base" is a nice clean safe place for recreation and has some good properties for sale/rent.
Then of course, being the PI, the people are a lot closer to us culturally.