Have been four times. This is my favourite place to get away.
Boomerang by the Sea offers the only motel style accommodation on the island. I stay there to keep costs down. It's about an 8 minute walk into Currie which is the main town. Beautiful ocean views from every room. Please please ensure you try the fried Brie from their (pricey but great) restaurant.
For a bigger group, like a family, maybe the A frames place would be a good idea. Easily fits 6, but is a drive into town.
On the island there's no PT, you'll need to hire a car. Two options for that. Choose either.
The dairy is brilliant for cheese lovers, check opening hours first.
Grassy is the old mining town which has a pretty cool abandoned bit to it. Check it out.
Two supermarkets in Currie, next to each other, have all you need at reasonable prices. Probably 10-20% more than mainland.
Best tip I have for KI is just drive somewhere, then walk. I'd give myself at least three days of solid exploring for the island.
As for flying in, for those S or E of Melb, consider flying KI Airlines. Same price as Rex but pretty cool to fly their smaller planes. Also very, very convenient flying out of Moorabin. Otherwise there's Rex from Tulla. Most people from Sydney and more north charter flights because it's cheaper, in groups.
I've probably missed heaps, but I absolutely love this place, so of there's any questions just ask.
