I've travelled much of the coast to the north of Pipa, and I would put this in the top 5 destinations to visit in the whole of north-east brazil.
Great beginner-intermediate surf, a long wind season for kiting, and a colony of non-migratory dolphins that happily jump and play within meters of the tourists swimming in the sea - it's a breathtaking experience.
The quality of the food is very high too. Best overall restaurant for quality/price/location was AQUI (we ate here several times during our stay!) but also really good at Tapas and X
Toca de coruja (mentioned below) is also great, but be prepared to part with over R$100 per head for the pleasure!!