I would certainly recommend Boracay, and in high season in feb/march the weather is usally great and lots to do. It can be as quiet or happening as you make it, depending where you stay, but there are lots of nice resorts now. Check out Fridays, Mandarin spa, The regency, The Tides for nice places to stay. Food is great, lots of day activities from bike riding to driving Atv's, watersports etc..Plus one of the worlds best beaches!!
Regarding diving there are better places in the Philippines but it is still the philippines and can be world class. Crocodile island offers a great healthy vibrant reef, whilst there is a decent wreck with Camia II and Yapak dives offer chance of seeing larger fish! I have seen eagle rays, grey reef and white tips, marble rays, turtles, sea snakes, jacks, barracuda at Yapak before and divers are still occasionally seeing hammerheads, thresher sharks and rarely Mola Mola.
At the same time, you can do day diving at Maniguin island (3-4hrs by boat) for chance of more pelagics, and if you want, a lot of the dive centres do trips to panagatan, which though more advanced diving, is excellent in March for pelagics. In march this year we saw school of Mantas, mobula rays, lots white tips, grey reef and 2 great hammerheads. Plus dolphins on the boat. And in MArch there is a chance of whalesharks there.
But for macrolife, Boracay itself can be world class, especially night diving off white beach infront of the tourist centre. Assorted snake eels, scorpion and stonefish, harlequin and robust ghost pipefish, harlequin shrimps, decorator crabs, pygmy seahorses,ribbon eels, many diff types of nudibranchs, seahorses, lots of frogfish including clown and hairy forms (especially march-may), and other rarer animals have been seen like mimic octopus, blue ringed octopus and flambouyant cuttlefish though you must be lucky!!
All in all i think Boracay offers a lot, and having done a lot of diving around the philippines it has the best of both worlds, good diving and all the land based things as well. Yes there are better places, Anilao/PG all good for macro and some nightlife, bohol nice but v quiet and not enough to do for none divers, i think for mixed group boracay the best option. NB prices little bit more expensive than other islands but still not overly priced.
Check out Calypso Diving and Pinjalo, well run centre, best divemasters on the island for macrolife spotting and good accommodation.