Batu Ferringhi is the main beach strip for tourists on Penang - there's a reasonable selection of hotels along there (including the Shangri-La and Holiday Inn, along with a few others). If you're going for a beach holiday, you'll be disappointed - the beach isn't that great and I wouldn't recommend taking a swim in the water. As for romance, it wouldn't be my first choice for a honeymoon destination anyway.

As for getting into Georgetown, it's easy enough to do by taxi (about RM30-40 I think) and there's a regular bus as well. Takes about 30 minutes. There's decent sights around the city centre if you're interested in the heritage buildings, and plenty of good food to be found too. Can be worth taking a day tour to see some of the other sights as well, such as going up the cable car and visiting some of the temples.

Penang's got enough to keep you entertained for a few days, and so long as you keep the expectations low about the beach side of things it's alright.