I think it's lovely. Firmly still in 1950 outside of Newport (they've hit the 70s there) but really pretty in the west, and South Downs ish terrain for cycling. Well signposted cycle routes though some may be a bit hard work with a trailer and camping gear – driving across and cycling around would be fine.
I've camped on a rough n ready place by the coast and a few of the bigger places (mainly as they have fishing on site, a pub or swimming – something to do of an evening within easy walking distance after cycling all day) – the Orchards was nice and quite central.
I prefer to stay in the West and visit the East – it's a fair bit busier there, but Shanklin / Ventnore are nice old skool seaside.