Disclosure: I am a realtor, but have the possibly rare capability to talk without pitching myself. What works best between the two areas depends on personal preference and circumstances. If one is still working, Poulsbo has more local employment options (the Navy is the biggest employer) and commuting to the east side of Puget Sound is practical. In the Sequim or Port Townsend area, work options are more limited and commuting to outside the area is largely impractical. Also, Poulsbo is closer to more cultural opportunities such as world class symphony, opera, ballet and theater. And access to sporting events is much easier. There is also easy access to boating, though in a more populous area. Access to the excellent medical facilities of Seattle (e.g. University of Washington Medical Center, Fred Hutchinson, Swedish Hospital) is much better. And the local hospital, Harrison, in Bremerton is steadily improving. The temperature tend to be a little warmer in the summer because it is more isolated from the the Pacific Ocean. The rainfall is about 30 to 35 inches, depending on the exact location. From the norther tip of the Kitsap Peninsula, where Poulsbo is located, the rainfall starts at about 18 inches and increases about an inch for each mile you go south. If you can excuse on slight pitch, my web site has some good resouces to learn about the Poulsbo area, such as a quarterly report put out by a local economic development group that gives demographics, employer information and the like. You can get to the resource page of my web site by clicking on the web reference link and scrolling down to Kitsap Trends in the first section.
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.