Shanklin is nearby and has a pretty old part to the village.
Shanklin Chine is well worth a visit:
http://www.shanklinchine.co.uk/
I think that the very very BEST attraction on the Isle of Wight is Osbourne House - it really makes a great day out, and I bet you will find a bus going there from Sandown:
www.english-heritage.org.uk/server.php…
Blackgang Chine is cheesy fun for all ages:
http://www.blackgangchine.com/
And Carisbrooke Castle is a must for fans of Moonfleet, and for the youngsters to watch the donkeys working the treadwheel for the well:
english-heritage.org.uk/server/show/nav.14466
Then you have Alum Bay for the Coloured Sands, and a view of the Needles - and that's the 'essence' of the IOW!!