Koh Ma is a tiny island northwest of Koh Phangan which connected to Phangan island by a sand bank at low tide. The island and this sandy path are emblematic images of Koh Phangan. On one side you have Mae Haad beach and on the right, Koh Ma, more wild, more preserved. Surrounded by reefs, Koh Ma is also a good site for snorkeling. I did not do it but you can climb to the top of Koh Ma island and enjoy the panoramic views. But take good shoes.
For a dominant view, you can go to the 420 Club bar (formerly Three Sixty).