One of the strangest places I've ever been to, I was in Malabo for three days. I can concur with much of what's been said above. Like many places that are in the grip of a despot, the people themselves are delightful and I was well looked after and felt safe, yet there was a palpable atmosphere of tension and speech is very guarded.
I stayed in a decent hotel, I forget the name, it was clean and comfortable but noisy, and had some good meals. I speak Spanish so felt quite at ease with the locals but it's not a place I'd care to go back to although I did feel a little sad leaving some of the lovely people I'd met, knowing the conditions under which they live and that during their lifetimes things will almost certainly not improve for them. As I said, a very strange place.