Echoing CaptBill...
I found diving in the Exumas better than around New Providence (Nassau). However the night life in Exuma was significantly less than Nassau. It depends on what you mean by night life. If you mean partying, clubs, etc then Nassau has more to offer. Larger hotels with a younger crowd (and depends on time of year for this) where the hotel has facilities might appeal to you if that is what you want.
If you mean night life as in restaurants, people watching, shopping, local culture, etc then again Nassau is better than Exumas or other out islands. I am not sure what Freeport, Bahamas has to offer.
I don't want to pull you off task for the Bahamas but if the latter is what you want, then consider Cozumel. Areas around the main square in town offer plenty of shopping (some based on cruise ship traffic and some local and open later in the evenings near the main square), good diving, local celebrations (and carnival), lots of restaurants, access to the mainland for ruins, among others. (yes this is a personal preference and Cozumel is safe btw).
If you want more night life (partying) then maybe Cancun or Playa del Carmen. The latter used to be much quieter but has been built up in recent years. Too many people for my taste but then I go on vacation to get away from people.
If interested then I would check the Cozumel and Cancun/Playa del Carmen forums on this board. I bring this up since it seems you are not quite sure where you want to go.
You might try Grand Cayman around Georgetown as well. Caymans are higher priced than many in the Caribbean. I am sure there are other locations spread across the Caribbean that offer night life and decent diving.
I am not crazy about the diving in the Bahamas compared to other places I have been. I wrote a trip report about Exuma in the Bahamas forum. I suppose it's a matter of taste though.
On a side note, The Bahamas Ministry of Tourism and Aviation is offering incentives for Bahamas tourism. This one is $500 off 5+ day trips booked through Bahamas.com. This one has a short runway - One day sale on Nov 29, 2010. I can't tell if this is person or couple or how far in the future travel can be booked. We took advantage of a free companion air deal in June of this year (and all the way from Denver). You will need to sign up for the email mailing list using the link below.
My Bahamas | The Bahamas
