I just returned from Bora Bora and Moorea last week and the diving was incredible ! Reefs were healthy and teeming with critters. Lots of sharks (Black Tips and Lemons), eels, turtles and anemone's with clown residents. Definately take an underwater camera !! One thing..... make sure you take digital ! With the new, more powerful x-rays at the international airports, 35mm film will be ruined. I experienced this first hand even though I had handed the bag of film to the TSA agent and asked that he walk the film around x-ray. Guess he didn't think it was important. Ruined 5 rolls of film. Thank heavens I had my digital UW and Land cameras.
I dove with Blue Nui dive center on Bora Bora (they are based out of BB Pearl Resort) and they are fantastic. I was fortunate to be the only person on the boat the day of the dives and enjoyed leisurely dives with the Dive Master who showed me all around the reefs.
One thing to keep in mind..... Bora Bora is expensive ! Overall, French Polynesia is pricey, however, Bora Bora exceeds many of the other islands in price with just about everything. First and foremost.... stay away from the hotel mini bars ! I found it much cheaper to purchase sodas, wine, etc. from the market in Viatape.
I really liked Moorea ! It is definately an island you need to visit. Again, healthy reefs and lots of critters. Saw an octopus under our overwater bungalow at the Intercontinental, as well as small Black Tip sharks that passed by for a visit. We rented a car and drove around the island and found several shops with reasonable prices. The Tahitian people were very gracious everywhere we stopped.
When I return to French Polynesia, I will definately go back to Moorea and pick another island beside Bora Bora. However, Bora Bora would be a great day trip, if for nothing else, to see the lagoon and do a dive or two ! The most beautiful water I have ever seen !
Enjoy your trip, you will love the islands !!