I don't have kids that old - mine are 7, 4 and 2, but we moved here 5 years ago from the mainland, and absolutely love it. Which areas are you looking into?
We live in Cowes, which has a great community feel. Large enough to feel like a proper town, and great connections to Southampton, but still with that lovely island feel.
The island is great, although I wouldn't want to live anywhere too rural. It's a very happy, safe place for children and teenagers, lovely slow pace of life, relaxed, friendly, yet it still has all the amenities you could want - large cinema, bowling, ice skating, night clubs etc. All the usual shops, fast food places. Schools aren't the best in the country, but are improving all the time ( we are in the middle of a big restructuring of the school system )
It took me 18 months or so to wind down to the pace of life, but it's the best decision we made. If you have any specific questions, I'll try and help.