We were there on May 2014.
We were on a cruise that tendered in Cannes so we tried to get off the ship as soon as possible to avoid the crowd and take the first ferry available for Ste-Marguerite. You can buy your ticket in advance online for 11 Euro/pers round-trip.
The boat ride is about 15-20 minutes. I suggest you go to the top floor of the boat for a great view of Cannes.
When we got to the island we decided to start our visit by the Fort Royal and the museum. It is just a short walk from the pier and the path is nice. It cost 6 Euro/pers to visit the fort/museum. There is not much to see but it is still interesting and worth it. It took us about 30-45 minutes to visit. There are also some great photo spots from inside the fort.
After that, we took the "Allée des Eucalyptus" to reach the South side of the island. We loved that scented path, it is gorgeous. And when you reach the South side you have a nice view of St Honorat island.
Then we followed the ocean side going west to the point of the island where you can see a cannon ball oven. We then headed North/East to go back to the ferry, visiting "L'étang du Batéguier" on the way.
All in all we spend a little over 2 hours on the island and we really appreciated this beautiful place. Having spent some time in Cannes later that day we realized that we enjoyed our time on the island a lot more than the time spent in Cannes. We preferred the natural wonders of the island to the shops and crowd of Cannes.
If we ever go back, we will adjust our schedule to spend more time in Ste Marguerite and we will make some time to visit St Honorat too.
I would definitely recommend a visit to Ste Marguerite.
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