Was on the new Tahiti Aggressor, out of Rangiroa, in January '03.
The Rangiroa diving we encountered was absolutely the worst I have ever done in the Pacific (and I've made a few trips to the Pacific). There was NO LIVE CORAL at all! And forget about schooling fish, we never saw fish in numbers either.
Fakarava does blow Rangiroa away, but that isn't hard to do.
The corals in Fakarava are complete, and healthy, not so in Rangiroa. There are no soft corals in this part of the Pacific, just the hard variety. Drifts into Fakarava atoll are nice to experience. Large schools of colorful reef fish accompany you on these shallow drifts. Watch your bouyancy on these drifts. Contact with the reef during drifts will give you a nasty case of "Reef Rash".
Don't go there looking for big animal action. There isn't any! And that was my disappointment. I made this trip (Rangiroa, Toua, Fakarava) because it was touted as a big animal destination. For example, we made four dives in one area where a dolphin supposedly hung out so often that the Aggressor crew even gave it a name, "Splash". We Never saw Splash! We dove another area where we were assured of sighting a 6 meter great hammerhead. Ah, that's about 19 feet long. It was a No show. Later, a manta sight, right? ................ Wrong again!
The crew was attentive, the boat in decent shape, the food good, but it is not a big animal destination. At least not in January! ;-0