Would you believe that I and my family (we've two kids 2.5 and 3.5) moved to Reunion three weeks ago from Dublin!
Loving it here. In the school year just begun they are taking in children born in 2008. You'll get assigned a school by the local Marie (town hall, there are lots of them) so it's actually very easy.
As for prices it's not as cheap as a developing world country, cheaper than Ireland certainly but more expensive than metropolitan France for some things (especially cars!). But like a lot of things it depends on how you live, if you want to live reasonably you certainly can.
S