We'd recommend you ride this route clockwise so that the sea's always on your left. The views from the Isle of Wight coast roads are every bit as good as you'd expect, and this route is an attractive circumnavigation which manages to avoid the worst of the traffic. (That said, there are a few locations where heavy traffic is unavoidable, particularly in the east of the island towards Bembridge.) If you can, take a weekend over it rather than rushing the route in one day.