Sorry,but have to disagree with "Agios Nikolaos probably is the Falaraki of Crete."
Malia and Hersonissos are much more geared up to the younger crowd IMO.
Have always found Agios Nikolaos to be a lovely cosmopolitan town..cozy,warm,traditional, wonderful for relaxing and watching the world go by and with some amazing scenery. Don't dispute there's also some livelier nightlife,but in comparison to Malia and Hersonissos,nothing near the same scale. There are, in fact, only one or two "full on" clubs in Agios Nikolaos.
That's why I choose Agios Nikolaos over Malia,Hersonissos etc...at my age,wouldn't want to be anywhere near somewhere that remotely resembled Falaraki. Although, I am still very young at heart and definitely enjoy somewhere with a little bit of lively nightlife too.