Whidbey Island is almost ALL waterfront and water view. You can buy water view lots for as little as $30,000; waterfront from $90,000. A lot of traffic up the main highway, but once on a side road, it's pretty quiet. You can access from the north across the incomparable Deception Pass Bridge or from the south across the Mukilteo Ferry. You can also take the ferry from Keystone over to Port Townsend and the Olympic Peninsula. Traditionally, Whidbey Island was farms; other than the military 'industry' there really is no "industry" here other than tourism. The Oak Harbor area is given over pretty much to the military. Some of the finest westerly views are found north of Keystone. Though there has been a fair amount of building on the island in the last ten years, it isn't nearly as populated as you might think. Another wonderful place to live and to visit is Langley.
There are three 'canal' communities on Whidbey Island for boaters. Lagoon Point is mid-island on the west side. Great mountain and strait views. Sandy Hook is on the south end and Mariners Cove faces east into Skagit Bay.
South Whidbey is the most popular (and expensive) part of the area. The views to the southwest are stunning. You can find high-end lowbank waterfront and wonderful view properties, though much less affordable than the north end.
What's great about Whidbey? The ambience. It feels like a vacation all the time.