Colonsay has a population of about 130 and is very much a holiday island depending on tourism, as well as farming - so many people I know seem to have rented a cottage here, or several different cottages over the years. Not too surprising given that the estate has about 20 properties to rent (which seems a bit excessive for the size of the local population). And this is Waitrose not Asda man judging by the Volvos and BMWs lined up at the ferry terminal in Oban. However, it is a lovely place with many sandy beaches, a good hotel (closed in winter), a brewery, a terrific book shop, a ruined priory and lots of walks. There is an excellent folk music festival in September but you have to book early as places are limited (could be a bad time of the year for anchoring, so go by public transport if necessary - you could even try Hebridean Air Services which has scheduled flights from Oban, albeit with a fairly limited timetable). Colonsay is the land of the McPhees or Macfies or various other spellings of the same clan. From the east side of the island the Paps of Jura seem ever present - the light is fabulous which must explain why there are so many paintings of this view (indeed I have two).
There are not that many anchorages and the main one at Scalasaig is not that wonderful, but there is an alternative in the next bay to the south - Loch Staosnaig.
To keep up with the gossip, read the Colonsay Observer.