Once again, thanks for your 2 cents guys. I guess this whole thread (from my end) sounds more like an internal debate shared with you haha...
The point remains that July is all we'll be able to have off, most likely for the next few years. I do have some savings aside that I kept for That big trip and this would be it. That being said it remains limited and knowing that means staying at 1 place, leaving LOBs out as we want a 2 weeks trip.
North Sulawesi can actually be much cheaper accommodation wise, up to half of what R4 would be. Getting there though, is just as expensive. It is certainly simpler but $ wise, no difference per say.
We've watched hours and hours of youtube videos (amateur and pro) of many locations. For some reasons we found much more profesionnal looking content covering Lembeh, Bunaken vs R4... But it doesn't take more than a few seconds to realise how much more paradise like R4 feels vs Sulawesi.
I'd definitely need to have a few more real life experience from divers who did both and can compare, esp in July for the weather component. Obviously all the dive ops I've contacted were equally positive that weather wasn't an issue but ...yeah not so objective.
As for Komodo, please, if you are familiar with great inexpensive land based Dive ops, share away

I had only found one and it wasn't any cheaper than R4 and certainly did not look 'better'. My strong bias towards R4 is strictly based on trip reports I've read and pictures I've seen... I figure, if this is THE trip I'll be able to do for the next few years, might as well pick the ultimate dream location.
---------- Post added February 28th, 2014 at 10:56 PM ----------
Well.. here we are. I want to thank you all again for your suggestions. Raja Ampat is out, weather seems to be a very real issue. As well, it is true that it might be overkill for a first venture in Indonesia.
Following Wingy suggestion, I looked up both Lembeh and Bunaken in depth and we are pretty much set on 2 weeks in Lembeh with NAD Lembeh Resort. Prices are a bit higher than Two Fish which also looked good but they do seem to offer considerably better accommodations, nicer looking grounds and a top notch team of photog which is always a great plus (even though I have no fancy camera gear).
Now we have to figure out the flights... Any thoughts on that piece ? It seems like quite a challenge as prices are very high. Booking the Montreal-Singapore portion and Singapore-Manado seperately appears to always yield better deals than punching in Montreal-Manado... that being said, it would also mean waiting in the Singapore airpo