We spent 3 weeks in Moz and enjoyed it tons. The best diving we found was Bazaruto (expensive) and Tofo. We did not dive in Punto but we did dive Pemba, Moz. The best place outside of diving to see in Moz is Isle de Mozambique but it is a hell of a trek to get to from Maputo or Vilanculos for that matter-- if you want to go I recommend flying.
You can go all the way from Vilanculos to Maputo by bus either direction.
The Vilanculos <-->Tofo trip is an all day afair, you need to take a local bus from Tofo to inhambane and either take the ferry/dhow across to Maxixe and then take the bus from there or take a bus from inhambane to vilanculos (it goes around the river not across). Going north you probably need to spend a night in inhambane. Almost any hotel in Tofo can help you with the arrangements and figuring out how to do it. When we went through in June the road was being *slowly* repaired so be prepared for a LONG bus ride if you are not use to third world travel, you will be.
To go from Tofo to Maputo you can either take a local bus to inhamabe, spend the night and then catch one of two direct bus services the next day or some of the hotels/hostels actually run a direct bus a few days a week from tofo to maputo with no stops. Inquire when you get there, it is all very friendly in Tofo and easy to do.
A note on buses in Mozambique: Almost all leave at 4:30 AM. This is not a joke, if you miss the bus, you don't go. This sucks, sucks, sucks, but it is what it is.
Recommendation: crash into Tofo and chill for 1 week at least. Dive, eat, beach, snorkle with whalesharks and meet fellow travelers-- but don't expect a high number of dives. Most people can do 2 a day or *maybe* 3 if you plan in advance. 2 days is plenty in Maputo and Bazaruto is worth a few, though there have been some sketchy muggings there lately. But if you have the bucks (and it is a lot of bucks) stay on the islands themselves, they are beautiful.
