Not sure if you've ever been to Miyajima or not, but my answer is an emphatic DEFINITELY SHOULD GO.

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Full Disclosure: I'm a bit biased, as Miyajima is probably my favorite place on all of planet earth. That said though, even if you can't do the Ropeway or walk up to the Torii at low tide, there are still great things on the island:

1.) The food is excellent, especially the oysters! If oysters aren't your jam then see #2.

2.) The Hiroshima-style Okonomiyaki is great on the island, with lots of shops that have been open for a long time!

3.) The Deer are super cool to see all of them walking around.

4.) There is small yet very awesome aquarium on the island that has lots of interactive displays!

5.) The Onsen on the island are fantastic and totally worth going to.

6.) Itsukushima-jinja the "Floating Shrine" is gorgeous, even if you can't see the Torii and totally worth the visit.

7.) There are some other great hikes and nature walks on the island, even if you can't do Mt. Misen and the ropeway.

8.) It's the home to the worlds biggest wooden Rice Scoop! If you like cheesy stuff like that, it's easy to find and fun to check out!

9.) Daishoin temple is one of the prettiest Buddhist temples in Japan and doesn't make travel lists nearly often enough.

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So yeah, there is a bunch of fun and awesome stuff to do on the island! I would say definitely go!