I wish all airports were like Billy Bishop but I know it is not possible. Being a small airport, it was quick to go through check in and security. This airport lounge is great as there is free coffee/tea and some snacks. You can buy other snack items if you choose. I love flying to and out of this airport. I wish I could do it more often when I go to Toronto.
The downside - limited seats. On busy days, it is not unusual for you to be searching for a place to sit. I expect that this will be worse if the city approves the airport to be expanded and more flights are added. If you are patient, you can wait until a flight is called and grab a seat then.
Luckily the airport is building a walkway that goes under the lake because waiting for the ferry can be a pain if you are running behind. Until they finish the walkway (which should be very soon), you need to account for ferry time. It's not that the distance is somehow ridiculously long, it's that it takes time for the ferry to load/unload, and get across. On busy days (like holidays), you may have to wait for the ferry as the number of people the ferry can accommodate is limited. I have nearly missed flights because of this problem.
So yeah, there seems to be more downside than up, but this airport is definitely a good one.