Here is my take on NS, coming from the perspective of someone with very deep roots in the province (9th generation) but having also spent significant time in many other Canadian provinces and other countries. Others may disagree, but this is my generalized point-of-view.
The culture here is very complex and I've known a lot of newcomers who have had a hard time dealing with it and a lot of them gave up and moved to other provinces. I have personally seen immigrants break down in tears while describing Halifax as the most racist place they have ever been, and that the racism is extremely subtle.
Here's the truth of the matter, though. People born and raised in Nova Scotia are easily the most welcoming, friendly people in Canada. You will hear this observation time and again. It is genuine. We are just raised to be this way and take pride in it. When Nova Scotianers get together to talk about people from away we are more likely to talk negatively about people from Ontario, Quebec, BC, even New Brunswick, as we are people from other countries. It's not the race but the behaviour. People who want to settle here have to learn to fit in with the existing culture. One great example is the large Lebanese population in the province. They have done a wonderful job fitting in and have even added a lot of things that have been adopted as Nova Scotian culture (donairs, anyone?). I can give you a more specific example that I experienced myself this morning. I got on an elevator with a young guy of middle-eastern descent. He made a point of smiling, saying hello, and saying "have a good day" before getting off. Here is a guy who will fit in well here, or who maybe has been here for a long time already. I also know a guy from another province in Canada who has made a point of complaining about the way things are here, writing letters to the editor, trying to teach everyone the "right" way to do things rather than our "backward" way. People go out of their way to make life difficult for him.
As far as the economy goes, it's tough going. I've heard people complain that they are treated unfairly when applying for jobs because they are not from Nova Scotia. I've heard this many times. I think you are better off opening your own business, especially if you can have a national or international clientele. Knowing people is a lot more important than credentials. It's a steep hill to climb when you are new here and have bills to pay. I knew one wealthy family that moved here from Asia and burned through most of their life savings trying to make a go of it. In the end they moved to Vancouver to try to salvage their life. I hear that they love it there.
And yes, the weather is brutal. I wouldn't have it any other way.