You might be interested in this question from 3 weeks ago.
For me, it’s a mixed bag. It’s paradise at a price. I have a lot of close friends of many different ethnic backgrounds, and almost all have the same problems with the cost of living. It’s expensive to live here. Milk is $5/gallon on sale, and cheap bread is $3/loaf. Electricity costs about $7/kilowatt hour, if I read my bill right.
Still, it is a gorgeous place. The beaches are lovely, and the water is warm and inviting. The locally grown fruits, vegetables, and meat are excellent. You can grow almost any fruit here by simply throwing the seeds in the yard. That worked for an avocado pit I threw in an undeveloped lot. People are now eating fruit from the resulting tree.
The weather is wonderful. The range of daytime-high temperatures where I live are 75F in the winter and 85F in the summer. Each island has a wet side (east) and a dry side (west). I live on the wet side and it rains some nearly every day.
I believe the biggest drawback is the remote location. It’s a long way to go anywhere from here, and it can be prohibitively expensive. A round-trip ticket for me just to get to Honolulu is $250. Getting to the mainland is similarly expensive.
Apart from the cost, it is paradise. :)