It is protected from the swell and (probably) has the clearest waters on all the archipelago. Also, there are never many people, so you will be able to enjoy it in absolute peace. It is common to make the most of the transparent waters by snorkelling.
And if you fancy eating something in this paradise, you can find the only restaurant on the island just a few metres away. To reach Lobos Island, you need to take a boat from Corralejo.