Negatives about Poulsbo? For a rural area, more traffic than I would prefer. A shortage of higher quality retailers, Not as many good restaurants as I would expect - though it is getter better. But the last two can be addressed by a trip to Seattle.
For the Sequim/Port Angeles area, proximity to pristine outdoor activities is much better. Hiking, freshwater fishing and cross country skiing in 30 minutes or less. Especially in Sequim, the rainfall is lower due to the rain shadow. There is about 15 inches of rain there a year. Port Angeles is higher. I don't know the exact number, but it is more like 25 to 30 inches. Port Angeles is a fairly straight shot in from the Pacific Ocean, so it tends to be cool in the summer. Sequim does not have much local employment outside of retail. Port Angeles has more. Port Angeles had a forest products-based economy, but that is largely gone now.
Hope this helps.
I moved here from the Philadelphia area about 18 years ago and love it. We picked Poulsbo because it was convenient to both the Bainbridge (Seattle) and Kingston (Edmonds) ferries. I commuted via ferry to Seattle for 16 years. It can be really economical if you ride a bicycle or motorcycle!
Can't beat the climate...rarely too warm and never too cold. We've had more success with a flower garden here than anywhere we've lived. Friends in Port Angeles (locally known as PA) drop by often on their way to do serious shopping...but they choose to avoid the ferries and drive to Tacoma and then hit all the big malls south of Seattle and stop in at Ikea. They also park at our house and take the ferry to Seattle for medical appointments. Poulsbo has some big box stores now, but the nearest mall is Silverdale, about 10 miles away. Health care is pretty good here. We rarely have to go to Seattle.
Unless you are retired and don't plan to travel much, I would strongly consider Poulsbo. We're just outside the city limits and enjoy the relative quiet and our views of the water and mountains, as well as the convenience to the ferries, if needed.
Ed (retired non-realtor)