We just got back from Grand Cayman. Stayed in the SMB area at Grandview Condos but spent two full days on the east end. Had a FANTASTIC day diving with Ocean Frontiers. That place does it right from start to finish - just spectacular and I can't say enough good things about them. There were 5 of us on the trip, 3 not diving and two diving. The three went up to Rum Point while my buddy and I dove and they had so much fun we went back up for another day on Friday. Did the Stingray City trip with Redsail - a great way to go because we just snorkeled so all of us could share in the experience. We ate at Kaibo Yacht Club which was good. After dinner we went upstairs to the "rare" rum bar and had some excellent rums and that looked really nice in there. One issue we had around Kaibo was the sand fleas - they were really bad and we weren't prepared for them at all.
On the Stingray City day we had a great lunch and really enjoyed hanging out at the Red Sail bar / restaurant area.
We had a chance to stay in a condo up there but if we go again would probably stay on SMB like this time. The sand fleas would be a big part of it but the condo was also south facing and on an inlet rather than the ocean and it didn't have the same ambiance. If there were a place on the ocean or facing West Rum Point would be great. VERY laid back but very cool.
As I said though - if you want to dive the East end, and you should, it's fantastic and the reef are in substantially better shape than any other place I've been in the Caribbean (Roatan, Coz, Playa, Jamaica) - Ocean Frontiers has my highest recommendation. They were awesome.