I do most of my diving in the Philippines and Anilao is the most common spot for me to visit, for a few reasons:
1. It's close to Manila, about a 21/2 - 3 1/2 hour ride (depending on traffic). I'm usually there for short trips for work or to visit my wifes family so the proximity to the Capital is a factor for me.
2. The price is right! Diving there is substantially cheaper than diving in the more touristy spots like Puerto Galera (very close to Anilao as the crow flies w somewhat similar diving), Cebu, Boracay (diving isn't great), etc. Anilao is more often visited by Filipino divers from Manila and thereabouts and the prices reflect this.
3. The diving itself. After trying a few of the philippines diving spots I'm always impressed at what Anilao has to offer - an example, on one of my last dives there about a month ago we saw 2 good sized black tips and a group of 4 eagle rays on an early morning dive. We regularly spot turtles and sharks, a very large tuna about 3 months ago - in the range of 4 -5 feet and the macro life is truly impressive.
What Anilao doesn't offer is the night / beach life that the better known tourist areas offer. Its a bit like staying at summer camp and diving - you are up early, diving all day and in bed soon after sunset to do it all over again the next day! People usually spend the whole time at their resort as there is really no nightlife or other restaurants available in the area. It is basically a small fishing community that also has a smaller dive industry alongside it. This can either be an advantage or a disadvantage depending on what your objectives are. Personally, if I'm diving I like to DIVE!! and I'll often do 4 or 5 dives per day and and collapse into bed. I really enjoy the ease and ambience of the area.
I usually stay at a place called Aquaventure Reef Club, it is a comfortable place, safety conscious, really good DMs, friendly staff in general and the food is great!!! Some of the better dive spots to check out if you do go, regardless of where you stay: Mainit, Bahura, Sepok Wall, Beatrice and a bunch of others
Good luck wherever you decide to go
Joe