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There is only one shop on the island- a small corner shop on Market Street in Knightstown. Portmagee across the bridge has a larger shop, post office and there are small supermarkets, banks etc in Cahersiveen on the mainland.
The little ferry is a useful way to get to the mainland as it runs back and forth all day long. A return ticket cost 8 Euros (June 2009) and can be treated as two separate journeys any time until Septmeber.
The quiet lanes are great for walking around the island
Valentia Ice Cream Parlour on the middle road makes ice cream from their own milk - which they also sell - lovely place to sit and enjoy the view
Update, 2011 - fares for the ferry now are €6 for one way, €9 for a return. Multiple tickets are available for a car (10 trips for €25, or 4 trips for €14)