Haven't heard about Island Air, but I would recommend everyone reading this this thread to check Seneca's aviation program. It's about the only degree-based program, and used to be a aviation college in the past. It's built itself a good reputation from what I know, and offers challenging theoretical and practical lessons that get you well educated.
I am currently in the program, and I am saying this from personal experience.
As for Toronto Airways...it is affiliated with Seneca College; meaning that the students from Toronto Airways come over to Seneca to get some textbook work done. That is my knowledge of the program so far, however, the only downside to Toronto Airways is that where they operate, Buttonville Airport, is closing down by the end of this year. I am not sure where they will be relocating to, but Seneca students will be going over to the Peterborough Municipal Airport in Peterborough to finish off their flight training.
The program costs $10,600, add a grand for other expenses, and you are looking at a somewhat expensive program. It is also subsidized as mentioned above. What are the benefits though, you may ask? A great fleet of Cessna 172, great profs, and great instructors. Check their fleet on the website.
If anyone needs anymore information on this program, please PM me.