We lived mid levels east until mid last year ( total 1.5 years) and got sick of the construction and lack of space, noise and so weighed up the pros and cons and came to the decision that the only thing we ( hubby and I) would miss was the close convenience to work and Central. Not that we miss it. We moved to a village house on South Lantau and love it. From early morning walks along to the beach to friendly neighbours of both local and expat, and we do have a nice view from our rooftop terrace. There is a bus stop immediately out the front of our village with a few buses that pass quite regularly. Now that we have a car, we park at Mui Wo ferry ( on the docks it's free) and catch the ferry in ( quite relaxing), or once on the MTR at Tung Chung, it only takes 30 mins into Central. We have peace and relatively quiet, lower rent. If you want to buy, I'd suggest you seriously look at the structure of most village houses as they tend to be ( as one reader wrote into the SCMP recently) 'concrete shells with little or no insulation', and energy bills can be high. From the looks of the crowd on the bus and the ferry, many kids go to school on HK island. There are some pretty good restaurants on South Lantau to chill out at. Beaches at Lower and Upper Cheung sha and Tong Fuk are patrolled and decent - if you ignore the wild cattle. Your best bet is to visit a few real estate agents for showings - Home Solutions , Findley Leung and Proper Trip are recommended, in that order.
Hiking or cycling on weekends is a plus.