Firstly I want to make clear that I first went to Majorca with my family, and then with my friends. Obviously on the two holidays I had very different intentions, but both holidays were excellent.
Both times I stayed on the same street in neighbouring hotels. First in the Hotel torrenova which was an excelllent family hotel (due to a refurb) and second in the basic, but good for our needs Waikiki (which was good value).
Technically where we stayed is in Magalluf, the party capital of Majorca. Geographically it is on a piece of headland in between Magalluf and Palmanova. This was an excellent location for both holidays.
Family-wise Majorca has so much to offer. There are numerous restaurants and shops in Palma the capital, Palmanova and in Alcudia. There are also various things to do on the island for a family such as water parks, beaches, and all the usual tourist attractions that a country has to offer. Also staying on the headland between Magalluf and Palmanova meant that we did not encounter any of the wild party side of Majorca on our family holiday.
Otherwise, Majorca is the perfect place for a fantastic holiday with your friends. Nearly everyone speaks English and everyone is up for a good time. There is a fantastic beach in Magalluf and in Palmanova. The beach is sand and it is huge, the only downside is having to pay for sunbeds. There are many cheap bars and restaurants and plenty of outlets to buy cheap alcohol. the night life is absolutely stunning. The 'strip' has roughly 30 bars/clubs that you can hit and all of them are free entry. At the end of it is the biggest nightclub in Spain outside of Ibiza - BCM. It is a hefty 30 euros to get in, but it is totally worth it. The price includes unlimited free drinks all night, entry to the BCM funbar and a load of free merchandise. Also the acts that perform at BCM are legendary, not just some up and coming Spanish bloke no one has heard of. Also nearly every bar on the strip and BCM is open till 6am so it really is a non stop party!
For both the families and the partyers Majorca offers great value for money holidaying. The island is beautiful, there is some fantastic architecture and scenery. If you go on a family holiday, try out an island coach trip because you will find some hidden coves and caves that you cannot find anywhere else in Spain!