Check out Ft. Morgan AL, just West of Gulf Shores. Just gorgeous!
The MS Gulf Coast is nice, too. They're slowly rebuilding from Katrina, but there have been some beautiful condos built along the Coast Highway, looking right out over the MS Sound. There are lots available in Pass Christian and Waveland, if you don't mind building your house up off the ground, otherwise the insurance costs will eat you alive.
Thanks for the tip!