The town is located on the Black Sea coast with rocky mountains around separating it from the civilization. While being a resort place (the town itself along with surrounding area have reserved natural park status) it's also known for its winery, especially for the sparkling wine production.
Novy Svet is located near Sudak, so you can get there and back by marshrutka (a small bus) in 10-15 minutes - they stop at the Sudak bus station on one side and the Novyi Svet central square on the other. The town is well-known around the Crimea, so you can get there by taxi from any other point as well.
Note the winding road between Sudak and Novy Svet is not the safest place for driving, so better use local drivers service.
The town is rather small, you'll need only 15 min to cross it. Nevertheless you should better buy a map of the town and surrounding country as the locals are not good in foreign languages. Also note there are 2 streets there, but the building "assigned" to that street may be located on the other side of the town; some buildings may have no street/number assigned (that's where the map will help).
2 "official" beaches exist there - one is town central one (just go down till you reach the sea), but it's often overcrowded, another is called "Tsar beach", it's harder to reach it, but there are often less people and nicer sightseeings. Also no one stops you from discovering your own beach there.
If get tired of the sea, the mountains around are the worth place. The highest point seems to be the Sokol mountain.
Several home kitchens exist, most deliver the food around the town, some has cafes. You will get a rich dinner for at most 3-5 USD there. The locals will direct you.
Most locals lease private accommodations to the tourists, so it's not hard to get one. The prices range from 5 to 25 USD per man depending on the services included. Note the water is supplied 2 hours a day (and that's a cold water), but many locals have internal water accumulators and boilers for their accommodations, also the gas supply is being currently installed - so such things should be cleared out when getting a room.
The prices also vary depending on the season. The people often arrive there from May to late October, and the peak (read: the highest prices) are from late August through September.