I was originally thinking of a 'water world' with one of those high numbered atmospheres having life in the toxic oceans. I was under the impression that carbon based life is also the SOURCE of most of Earth's free oxygen (plants stealing carbon from CO2).
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This is true. Were it not for the green plants constantly breaking the CO2 down, the oxygen would quickly (in geological time) react out of the atmosphere.
A Boron-Hydrogen-Sulfur-Phosphorous dominated environment?
It sounds like a place VERY hostile and toxic to human life.
Yes, true.
One thing to keep in mind is that the long chain molecules created from boron, silicon, or some other elements are not as stable as carbon chains. This means there is far less energy in bonds. This means it's easier to make these compounds, meaning the plants and creatures can be larger than earth creatures. But is also means there's less energy available to them when they are broken down (ie. when the animal eats the plants).
This would mean that (all other things being equal), the plants will be larger than the earth equivalent kinds of plants, and the animals will be smaller, less energetic, or both.
Because of the nature of the compounds under discussion, I'm guessing that this world is orbiting a cooler, red star (e.g. M5 V) where the energy output of the star isn't enough to power the chlorophyll carbon/oxygen cycle.
And at this point, I've reached the end of my knowledge of chemistry.