My family went for New Years 2008-09 (I think). It was a quiet time of year and not really beach weather. My sense is that a lot of British people have vacation houses there so it wasn’t very busy. We stayed at a big resport on the Eastern side of the island, forget the name, but it was OK. The main town of Valetta is really nice to walk around and we did a day trip with our rental car on the ferry to Gozo. It is more “off the beaten path” than the island of Malta, but I don’t know if I’d want to stay there with so many ancient ruins and cities to visit on Malta. It was different than I expected, but a nice trip for a week.