My wife and I are heading to Greece this August and are staying in Rhodes for 3 days, Santorini for 2 nights and Mykonos for 1 night 2 days. We have 1 extra day available in either one of these places. Any recommendations? Mykonos seems to be pretty expensive for accommodation. But any suggestions would be greatly appreciated.
Thanks
Ryan

Both Santorini and Mykonos are expensive, particularly in August. I don't see any point in staying on any island for just one night, so perhaps you could add that extra night to Mykonos. Another suggestion would be to drop Mykonos completely and add the two nights to Rhodes and/or Santorini. I don't know how much flexibility you will have, though, because accommodation is heavily booked during that month.

I agree with Heimdall. Drop Mykonos and add the extra time to Rhodes or Santorini. This will allow you to relax, de-stress and get into the rhythm of the island.

I agree. I visited Mykonos and Santorini last summer, 6 nights in each. That may have been a little long, but your agenda is too little time in each. You'd waste too much time traveling and not be able to get a taste of either. I'd do what Heimdall suggested. As for price, they were comparable. Great seafood in both of them, by the way.

There are plenty of inexpensive hotels on Santorini. It just depends on your budget and where on the island you choose to stay. Use the filter functions on http://www.booking.com to narrow down your choices to what you want and what you can afford.

Thanks for all of your replies. We have decided to take all of your advise and only stay in Rhodes and Santorini.
I have another question... Is it recommended to book ferries when we get there? Or book before we leave?
Thanks

I strongly advice to book tickets in advance for High Speed ferries and definately a few days in advance for larger slower ferries on August.
Many people say that for example Blue Star have a large capacity so no need to prebook, but not many people realise that sometimes on August even those ferries fill up last minute, especially in case there is weather forecast for wind when locals know highspeed might be canceled so they rush to book on the larger ferries.
You do not mention dates, but note that 15 August is maybe the largest Greek celebration along with Greek Easter and traditionaly around this date many people travel to/from the islands. On the other hand, you may be lucky to attend a local festival or something

For travel in August I would recommend pre booking ferries. The actual number of days you spend on each island will be governed by the ferry schedule: Blue Star, the best choice, goes from Rhodes to Santorini on Mon, Wed, & Fri. There is another ferry, Preveli, that does the route on Thu & Sun, but makes multiple stops. The Sunday ferry takes nearly a full day in transit.

You can use websites such as www.gtp.gr to view the timetables, but recommend you book directly with the company on its own website: http://www.bluestarferries.com/site/content.asp?loc=2 or http://booking.anek.gr/html/onlinebooking.jsp.