I dove out of West Bay with Bananarama last summer, and just got back from CocoView this Monday.
Pretty much in line with what everyone else says, if you want to dive and pretty much only dive, CCV is brilliant. The dive operation is immaculately run. 4 tanks a day on boats, plus unlimited from shore--you can dive all you want. I did 20 dives in 6 days of diving. I thought the lodging was a bit pricey for what you get (it's plenty nice, but not as nice as the price suggests), but not unreasonable. The food isn't special but I would consider it quite good. The bar is well stocked, and Willie the bartender is a gem. There isn't much else to do besides dive, but the day is scheduled such that there isn't a lot of downtime anyway unless you want to skip boat dives. I second the statement about multiple options for bug spray. My legs are still itching. We were usually in bed by 8pm and I at least was up just after dawn.
Dives can get a little repetitive in that nearly all are wall dives not far from the resort. I happen to like that, and there was enough top reef time and other variation to keep it interesting. The "house" wall dives (you get dropped on one of two walls and exit on shore) and wreck (you'll pass this on every drop dive) are interesting enough for repeated exploration, and you can't get lost even at night. We had a great time and will likely go back, but probably not until we're either older or travelling with a group that wants to go there. It's ideal if you've gotten most of your adventure out of your system but still like to dive--it's hard to imagine an easier place to do it. Most of the folks there were 55+ and it seems perfect for that crowd. We're early 40s with a teenager, and there was at least one other family in our demographic (thankfully also on our boat, and also from Texas; we'll likely dive with them again in the future).
If you like a little more variety in both dive sites/types, activities, and restaurants, I'd go with West Bay over West End. It's a bit more sedate (everything closes by 10), there are some excellent dive ops there, and the beach really is outstanding. On the far west end of the beach there's some truly wonderful snorkeling, if you want to kill some time that way. It's not as easy as the all-inclusivish CCV because you have to go and find lunch and dinner on your own, however there are a lot of restaurants and options which make that fairly simple. A water taxi to West End is currently $5USD per person per direction, and there are TONS of good places to eat there.
Overall food is much better in West End than West Bay, and it keeps rocking all night long. There are more dive ops based there, and it seems like more flexibility re: lodging and food. It also seems more geared to the young and adventurous/wilder crowd, and there isn't much of a beach if that's your thing.
Last year I used mostly lempiras and wished I had just brought dollars. This year I brought dollars and didn't have any issues. I found prices to be the same regardless, but folks always prefer dollars in the areas you'd be going. Customs and whatnot was pretty easy and not any slower than any other country I've been to.
You can't really go wrong.
