Well... VI is such a great place I hate to see people going there for only a day. If you are the outdoorsy type and could forgo the city, I would actually recommend spending the whole time there.
If you can only get there for a day/night, I would suggest taking the ferry to Nanaimo, then driving to Tofino, maybe taking in some whalewatching. If you have the money stay at the Wickaninnish Inn. Stop at Cathedral Grove to see the giant fir trees on the way. You would need to rent a car in Vancouver to do this.
Another day trip would be to take the bus to Horseshoe Bay from downtown Vancouver, walk on the ferry to Nanaimo (look for killer whale pods on the way over), and spend the day in Nanaimo. Go sea kayaking around Protection Island and stop your kayak at the Dinghy Dock pub (or take the 5 min ferry to the pub) for lunch or dinner (or several) before heading back. Walk along the seawall, check out the crabbing activity. Nanaimo is an easier day trip than Victoria from Vancouver because of the accessibility by foot on both sides. Leaving from Horseshoe Bay puts you right in Departure Bay which is a short walk to the seawall and downtown.
I hope some of this interests you. I lived in Nanaimo for 3 years so any questions you may have about it or the island I can help with. There are many, many more activities that you can partake in out there, just ask and I can point you in the right direction. In addition to Vancouver Island itself, there are dozens of small islands surrounding it that all have personalities of their own. Here is the BC Ferries link for schedules etc.
<a href="http://www.bcferries.ca/schedules/mainland/index.html" target="_blank">http://www.bcferries.ca/schedules/mainland/index.html</A>
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