As an aside I've always found it amusing that there are people who don't accept the Santorini explanation, not because they just think Plato made it all up to make a philosophical point (which is partially true regardless), but because they think the "ACTUAL Atlantis" is still out there. Some people can never be satisfied with something if it can actually exist.
I think Santorini could have certainly been an inspiration. I think the Mediterranean is a likely place for Plato's Atlantis and it certainly fits the bill. The landscape and citizens match what Plato was describing. It's also possible that it could be located elsewhere. New discoveries are made frequently.