Yes it is a one loop swim in the bay, and a one-loop bike as well. Even though I live here I haven't done the race so I'll let somebody else comment on the drafting.

 
Did it last year. It's a draft fest, an absolute draft fest
Swim is nice, one loop, I'd give it a 7/10
Bike is flat out and back, often a head wind out. Huge draft packs 5/10
Run is flat except you cross a bridge 4x (2 loops, back and forth per loop) 6/10
Good organization 7/10
Tons of people

Lots of comments exist on this board and can be found with the search

Overpriced draft fest. The downtown area is the reason for the price. I do it cause it's local and the big field. But if you want a fair race without people drafting, find another race. Last year there was packs of 30 riders together and no officials to bust them it seemed

I did it in 2011 and I thought the course was pretty lame. The bike is essentially out and back on a long, straight highway which meant lots of drafting and getting really bored. It's flat, so you never get out of the saddle which can be tough if you're not used to it. I think the swim would be nice in normal conditions, but when I did this race it was during a hurricane so the water was quite choppy. The run was also nothing special. I wouldn't recommend this race unless you have a specific need to go there (i.e. nearest/most convenient Worlds qualifying race).

I like it, but in my opinion it's definitely on the lower end of the WTC branded 70.3 races I've done. Maybe that's just because I live in South Florida and take the scenery for granted. It's very competitive as you get a lot of the pro/elite guys from South America who race Age Group. As said in previous posts, it is an absolute draft fest on the bike. It seems to stem from the 30-34 age group (one of the last waves), so as long as you're off before that wave and can bike strong enough to hold them off, you should be good.

The swim is most likely to be non-wetsuit, aside from the 1 or 2 years we had some freak cooler weather early in the fall, causing the water temp to drop. It's an easy sighting course in the bay, so flat, moderate current for the most part.

The bike course is one of my favorites as it's a flat out and back. Last year we had a moderate head-wind on the way out, fast tailwind on the way back, and then some more headwind heading back into town. It's boring, non-scenic, but that's Florida racing for you.

I actually enjoy the run course. Starts flat, but then you have the bridge, which isn't really that bad if you pace it properly. You do two loops, so a total of 4 up and downs of the bridge. Aid stations on the run are hit or miss, but reliable for the most part, especially if you're only relying on water.

Personally, if I didn't live so close, it would be at the absolute bottom of my 70.3 destination races to do. But again I live down here year-round, so tend to take the weather/conditions for granted.

Pretty much what everyone else said. I didn't see the giant draft packs but I generally just put my head down and ride (maybe I was towing a group and didn't know it. ;) ) That bridge you cross on the run is fairly high too - I looked it up and I think it has 80 feet of clearance over the water and you are pretty much running at sea level otherwise so it makes for a significant hill.

I did it last year for one reason. There was a 4 day Bahamas cruise leaving the port the next day. Raced, stayed the night and got on the ship the next day to relax for a few days vacation. Unless I was going to do something similar I likely wouldn't go back.