I just returned from a trip to Chu'uk/Truk Lagoon last month. We stayed on the Odyssey and had an INCREDIBLE experience. The diving was the best I've ever done, and the Odyssey and her crew were TOP NOTCH.
IMHO, I would not do a landbased trip to this area. Weno was in pretty deplorable condition when we were there, and I from what I saw (albeit limited exposure to the island) I would not want to stay there. We spent one night at Blue Lagoon after departing from the Odyssey and were thankful that it was located on a tip of the island a ways away from the "city". We saw the Truk Stop driving past, and it didn't look like someplace I would want to stay. Granted, I'm judging by appearances, but it didn't look like someplace I wanted to spend my time after travelling half way around the world. The dive centers at both places may be well run operations, but for accomodations - no thanks.
As for diving, we saw the land based operators buzzing around the lagoon in their dive boats... The boats are basically dinghy's with a small tarp over the top for some shade. The conditions in the lagoon are very calm, so I wouldn't be worried about the chop... but the dives are DEEP. Ask yourself if you would rather do a 10-15 deco stop under a dinghy with no hang bar, and then climb out of the drink exhausted after your 170' dive into a tiny boat, or whether you would want to do it from a liveaboard.
I'm afraid the Odyssey has me spoiled, but I can't imagine doing Truk Lagoon any other way. If you want/need to save the money you can do it... or if you are interested in "roughing it", going the land based route is an option. But if you are going as far as Micronesia and going to dive one of the greatest locations on earth - do yourself the favor of booking a cabin on The Odyssey. You will NOT be disappointed!