We recently spend 1/2 day visiting Coloane Village, which is a much the quieter side of Macau than what most experience on the Cotai Strip or historic city center area. Located no more than 10-12 minutes bus ride from the bustling Cotai Strip you can find this sleepy community, which features a few interesting things to see and good dining.
Our favorite part of Coloane is visiting the original Lord Stow's Bakery and Cafe. Being huge fans of this small business, we recommend visits to Coloane, even if just for the tarts. Other good dining can be found here as well. We quite enjoy Espaco Lisboa - a very good classic Portuguese restaurant located on the tiny Rua dos Gaivotes. There is also a famous Macanese and seafood restaurant called Nga Tim Cafe which lines a tiny square where you find the historic church called St. Francis Xavier church.
There are a few small temples you can visit in Coloane as well. Basically this spells out what you can see in Coloane village before moving on to other areas nearby, namely the Giant Panda Pavilion at Seac Pai Van Park or the Black Sands Beach just a bit further down the main road.
Overall, Coloane is not one of our favorite areas to visit in Macau but we do go there from time to time for the fantastic egg tarts at Lord Stow's or for a meal. The area is quiet and offers a look at what much of Macau must have resembled in the distant past.
An alternative is to visit Taipa Village just north of the Cotai Strip. This is also an old village area but in a more urban setting, it has also had much more money put into restoration, preservation and tourism so there are plenty of souvenir shops, restaurants and even a couple museums in Taipa. Perhaps this will happen to Coloane in the future as well, only time will tell.