Khandala, and its next-door neighbour, were once upon a time, very good get-aways for Bombayites. Thats 15 years ago. I remember when I was about 10 years old, my dad had a Morris Minor, and we went to Lonavla. It was in the middle of rainy season. When we reached there, the clouds had descended on the road; it was freezing cold. And clean, pure air.
Today, Lonavla and Khandala are no different than Bhuleshwar and Thakurdwar! Dirty, over-crowded, badly maintained, noisy, need I say more ?
Yet, we Bombayites have little choice. So if you do feel like going there, please dont go on a Saturday/Sunday. Plan to stay for 3 days, so that you can visit all the tourist spots.
All in all, no great shakes.