The diving there is ok...
My first liveaboard trip was on a 56' sailboat called the SeaToye. We were supposed to dive Utila from her, but due to some odd circumstances we ended up going over to Cayos instead...the trip from Roatan was 4 hours by sail.
We anchored off a wall, the bow was in 12 feet of water, the stern was in 120'. We dived only a few different sites unfortunately, the captain was reluctant to move the boat very often...I think we dived Toon Town about 4 times. Lots of the standard Caribbean reef fish, but nothing larger than a 10 lb grouper. Some large-ish sponges, a small octopus, tons of tunicates, etc.
Supposedly, there are some sea mounts nearby that are quite good, but the one time we attempted to go there, the seas kicked up and we headed back to the same places we'd already seen.
A Garifuna fishing canoe paddled out to us one morning and offered to sell us the largest lobster I've ever seen for $10. We were also boarded and searched by a Honduran gunboat, an interesting experience because the captain didn't have his papers in order...are you getting the picture about this operation yet?
At the time, I thought the place was pretty good diving, but my guess is I'd be largely underwhelmed now.