Can't compare to BPM Mexico as I never went but I just got back from the Portugal version so happy to answer your questions.
Outside venues:
NoSoloAqua - great beach venue based around an existing bar/restaurant. If you were facing the dj booth you had the sea on the right and the existing restaurant/apartments on the left. Reminded me of Bora Bora in the early days. 12pm-12am Thursday/Saturday/Sunday but stayed open to 4am (extended to 5am I heard) on Friday night. About a 10 min walk from centre of town
Blanco Beach - right next door to NoSoloAqua in a cordoned off area of the beach. 12pm-10pm Thursday/Sunday and 12pm-12am on Saturday
Cloque Bar - Lovely little venue further along the coast on the other side of Praia da Rocha. Had a small restaurant inside but the dance floor was on a raised area looking out to the sea. About a 10-15 min walk from centre of town. Open 4pm to 12am
Indoor venues in central Praia Da Rocha:
Katedral Disco - one of 2 existing discos. Small dance floor with smaller raised balconies on all sides. Open 10pm-5am
Ocean Club - almost next door to Katedral. Bigger dance floor with open roof terrace upstairs that looked out over ocean. Open 10pm-5am
Villa Marzinha - free venue off a side street facing Katedral. I really loved this bar. Small inside dance floor with outside courtyard with comfy chairs. Open 9pm-4am. Had a great few hours here on Sunday night.
Indoor venues in Parchal:
Centro de Congressos Do Arade. Basically a big congress centre with 3 clubbing rooms, 1 upstairs and 2 downstairs. More your typical warehouse type vibe. Reminded me of some of the ADE venues when they are put on at a Congress Centre. Personally I preferred the smaller more intimate venues which had a little more character but if you wanted a full-on night this was where to go. 15 mins (€10) in a cab from the Centre of Praia Da Rocha. Open 11am to 7am.
So you could easily party from midday to 7am if you moved around the venues and be outside clubbing until 4am on some nights.
Goodies - widely available in the clubs even more so than Ibiza.
Prices of drinks:
Note all bars were only accepting tokens (each worth €5)
Initially I was charged 1 token for a pint of beer at the beach venues but I did notice that this changed at the town venues to 1 token for a half litre of beer.
Long drink (€10) - standard spirits plus mixer (including red bull)
Long drink with premium spirits (€15)
Water (0.5l) - 5€
Security/Queues
For some of the busier nights at peak times there were some long queues (1 hour+). A lot of this was due to the security checks at the doors which were often very thorough. They said part of this was due to the terror attack in London over the weekend but I also think they were being especially careful after what happened in PDC earlier this year. However there was no doubt they were also looking for other things as well. You were usually asked to completely empty your pockets and they then checked everything very closely.
Atmosphere
Absolutely top-notch. Plenty of happy smiley faces everywhere. Very international crowd with a noticeable North American contingent. I saw very few posers/moody characters anywhere and I must say it was really refreshing. Had loads of chats with random people and the feedback was exclusively how much people were enjoying themselves. The location itself in fabulous with huge sandy beaches everywhere and being able to pop in and out of venues really was handy. You could take a break for a few hours and get some drinks at a local bar (which were amazingly good value) or get some food/change your clothes.
We were lucky enough to be based in the centre of Praia Da Rocha so could get to 6 of the 7 venues within 20 mins walk.
Downsides
It was cold at night (down to 11 degrees on Saturday night) so unless you were in the midst of a crowd dancing it did start to get uncomfortable. I don't think this temperature was typical of the time of year though so it might just have been bad luck.
Queuing was a pain at times so I hope they can improve this next year.
Overall, it was a great long weekend that reminded me a lot of Ibiza in the '90s. People who were there to enjoy the music with like-minded souls. I agree with Craig72 that it'll probably not last and will become a victim of its own success but for the moment, I'd definitely recommend it.