In general, Folegandros is a pretty unspoiled island, so don't expect too many luxuries. You can only access it by boat; there are ferries 4-5 times a week from Athens. My #1 recommendation would be to rent a car/or motorcycle as it's the most convenient way to get around. Your next best option is the bus :)
Where to stay
Most people recommend Anemi Hotel, located on the port. As it was fully booked when we went, we stayed at Lemon Tree Houses, a new boutique hotel located in Ano Meria. I would highly recommend it, as it's clean, comfy and tastefully decorated. My favorite place though is Anemomylos. This hotel has the sickest sunset views and is conveniently located inside Chora. If you don't manage to secure a room, make sure you go for pre-dinner cocktails just to watch the sun going down.
Where to eat
Truth be told, you won't find bad food on this island. There are way too many options to satisfy even the most demanding of you. The more upscale restaurants are Blue Cuisine and Eva's Garden. I much more enjoyed the former TBH because of its unique dishes, but both are excellent in terms of food & service. Have lunch at Papalagi in Agios Nikolaos beach for a really authentic Greek experience and head to Synantisi in Ano Mera for the most delicious homemade local pasta, called "matsata". Stop by the bakery in Chora for traditional baked goods & pastries (their cheese-pie is mouth-watering) and have Greek Rakomelo in Astarti after dinner.
Where to swim
My - and probably everyone's - favorite beach on the island is Katergo, a remote paradise only accessible by boat. Other great options are Ambeli & Galifos. All the beaches are secluded, unorganized (and not easily accessible) so do not expect to find sunbeds in any of them, but that's what makes the island magical in the first place.
* If you are not on a strict budget, my suggestion would be to rent a boat - this is hands down the best way to explore the island's hidden treasures. Demenos, Kalamaki & Blue Lagoon are just a few of the secret places waiting to be discovered.
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