Ok, Ok......
I think I'm the only person on the site from Lamma so will give you my biased opinion.
We have 2 dogs, one big and one small, so answer number one is that it is great for dogs. We have a rooftop flat which means we have 700sqft of open space with a canopy over half of it. whan we are at work the dogs have the run of the roof and sit on the sofas, chew their bones and eat the plants to their hearts content. If it rains we have a dog flap in the door and they have a New-Zealander which they can seek respite on.
Many people have garden flats with anything from a few metres of paving constituting the garden to others who have 1,000sqft of grass garden and a jacuzzi!
Prices vary very much on what and where you rent (as anywhere) but the price difference isn't to bad compared to Mid-Levels. For a 3 bedroom, 700sqft ground floor flat in the middle of a group of houses close to the ferry you could pay HKD4,000p/m but if you want a 2-storey, 2,200sqft house with large landscaped gardenclose to the ferry you would be looking at HKD26,000p/m. A nice ground floor flat in a peceful area with a garden and a green or sea view would set you back around HKD7,000p/m.
The key to finding the good places is often to actually come to the island and rent a shitbox for a few months while you find exactly what you're after. Many landlords are quite open to you doing improvement work if you sign a year contract on a flat which you see has potential- good if you're in for the long run. If you do intend to stay a while then you can easily buy a nice flat for aropound HKD2 million and do it up exactly how you want.
Living on lamma is very easy and great if you have dogs and enjoy walking, swimming in the sea and living in what is a fairly close community. many people cite the ferry as a drawback but to be honest you get used to it very quickly and the commute in the morning is very easy- 25 minutes and you're in Central and you've had a cup of filter coffee which cost you HKD8 and a fresh croissant from the European bakery while reading your paper- all for HKD16.
If you are a barfly and like to be out until the early hours that is where the issue arises as the last ferry leaves Central at 12.30am. You will find however that catching a sampan from Aberdeen is very easu and pretty good fun as you always meet people in the same errr....boat, as you.
Alternatives are Discovery Bay, Mui Wo (Silvermine Bay) or the New Territories.
Lastly, Lamma has its own website at
www.lamma.com.hk which is a fairly good resource and many questions have been answered in the forums- though beware the fools, there are many!
Anyone on Lamma? 
PM me with more info...if they pay well, I'd be happy to do it!
