I think all issues have been addressed but I honestly think they aren't as bad as some people express. On our trip we never saw any water inside the boat but we were told by the Capt that there might be some in places as the boat is metal and the A/C units running can cause some condensation. But he told people to immediately notify the crew if it happens and they will take care of it. I think some people expect liveaboards to be just like cruiseships and they just aren't! There is a new trip report for the Pilot down on the liveaboard Forum, check it out. Honestly, I think the Nekton crews are the best and love what they do so it is hard not to have a good time with them.
As far as the diving compared to Red Sea or Sipadan, you may be dissappointed. They reef system in Bahamas isn't the same and the fishlife isn't the same. Different and enjoyable, but not the same. (I was told by a group of Pacific divers recently that Sipadan was the best diving they have done hands down.) But you will find that the Bahamas has very little current so you can go slow and find really cool critters and just hang there and watch them. I found the Pacific (Palau in particular) to be more drift and rushed - very little chance to interact with fishlife. If you are a photographer you will be able to get amazing shots of fish cleanings and little critters along with really good vis for wide angle shots.
edit: okay, I just looked at your profile and you are a great photographer. You will be fine with the Bahamas. As I said, the photo ops are everywhere. Dolphins, reef sharks, seahorses, crabs, yellowhead jawfish (maybe even with a mouthful of eggs), etc. Just ask the DMs where to find a particular fish or critter.
robin