As you mention the employment is mainly seasonal and difficult to get. A lot of the islanders seem to work over the summer and go on EI (dole) for the winter. Education university wise is good, the university in Charlottetown is well known for its Veterinary program, it also has some good programs in arts and sciences. General schooling is much the same as the rest of Canada. Recreation is great in the summer and not always the best in the winter, winter's there can be vicious with the snow lasting until April and starting again in November. A fair number of people go off-island for the winter (Florida is nice). The best areas depend on what you want and where you work, Charlottetown is the big city, Summerland is smaller but has most things available, there are remote parts of the island as well if you want to get away from it all. Good points are that the crime rate is very low, even the drugs are a bit less than the rest of Canada although drinking is one of the main pastimes especially in the winter. Shopping is fair, a little more expensive due to the distance to truck it in. Hospital care is very good there.
There is a good amount of federal government money coming onto the island, there are a few government departments there. It is the birthplace of the Canadian confederation and home of Anne of Green Gables, the main crops are potatoes and sunflowers (seeds and oil).
Hope that helps.