The Lofoten is a proper ship and there isn't the usual "floating hotel" level of activities and facilities. But there is a bar, a cafe, a very good restaurant and the scenery is outstanding. As she's a small vessel there is a lot of noise. I had one of the 400-cabins on the saloon deck and still had some engine noise and vibrations. I'd stay away from the rearmost cabins on the 100- and 200 decks as the noise was extremely loud in the corridor.
Unfourtantly I got sick on the second day and spent most of my cruise in the cabin, but it seemed as most of the other passengers made a lot of new friends. The majority were older people 50 years old an above, but also a few younger. Most were German or American.
The food is great and stepping on the scale once I got home it seems like I have to go on a diet. There are plenty of excursions to take part in, but to me most of them seemed pretty overpriced. I had intended to take part in at least one, but as I got sick I never did.
Small for 2, excellent for one. An upper and a lower bunk. The 400-cabins are on the main saloon deck and are among the better ones (I'd imagine the 500 cabins are quiter). Having my own shower is a big plus for me. I had to go around and sound-proof it a bit, there were a lot of rattling from lose objects. The engine noise itself isn't disturbing though.