I pop over there a couple of times a year, my parents have a holiday place there near to Freshwater. That side of the Island is a lot quieter than the east side, plenty of walking opportunities and great pubs. I always end up going to Robin Hill country park (got some interesting wood carvings there and supposedly Europes largest totem pole, quite impressive) and often have falconry shows etc.
Also Shanklin Chine is nice as well, very relaxing and lot of interesting plants. The botanical gardens at Ventnor are well worth visit and if you are round that way head down steep hill cove to the crab shack, they make the most amazing crab pasties. Its a steep walk, but worth the trip, right on the rocky seafront, perfect on a sunny day.
The waterfront restaurant and pub near tot land has recently been taken over and offers all kinds of Mediterranean food, its located right against the crashing sea and you get the best sunsets there of an evening, clear skye permitting.
If you have kids then Amazon world is always a winner, my son loves it, and blacking chine, although i haven't been there for a few years so not sure what state its in these days (last i heard it was all falling in the sea!)
Newport os great if you like Art and the like, but its also stuffed full of cheap tacky shops and a lot of Chavs! i tend to keep away from there if i can help it. Finally god shill has a model village and a good family pub, the griffin, n ice way to spend the afternoon, around Godshill i mean not necessarily in the pub all afternoon!
hope that helps a little.
I found the pubs to be great when we camped there with the kids 2 years ago and some fabulous country/seascapes. Also there's always the delightful red squirrels. The yankies (greys) obviously couldn't swim 
