I lived there for 5 years, from '96 to '01. Went back for a visit last year for the TT and it hasn't changed much - what do you want to know?
In summary, I loved the place. No crime, sensible attitudes to policing, a good NHS, very low taxation, beautiful scenery, amazing roads with some unrestricted ones (mostly over the mountain).
The cost of living in theory is a little higher than the UK but in reality we found it much cheaper. Food is slightly more but then we used to pay about £400 a year for rates (ie equivalent of council tax and water rates) road tax used to be about £55 per year and as a married couple with a mortgage my tax allowance was about £20k, and then paid tax at 10%.
The downside is it can feel a bit isolating in the winter months when it rains (a lot!) so you tent to spend a lot of the money you've saved on expensive flights and ferries to visit relatives in the UK. This is the reason we came back - I made loads of friends out there but my wife didnt and became homesick