It just occurred to me that I should amend my initial post--yes I'm looking for good diving plus the most overall "bang for my buck" as it were, but as I'm traveling solo, a 3rd consideration would be a location where there were decent night-time options in terms of a variety of bars, restaurants, and other topside things to do besides diving. Though I've never been there, based upon what little I know I'm guessing that this last desire might move the Red Sea to the top position. Yes/no/maybe?
No, at least not in my experience. When we were in Egypt we thought that the country was rather conservative and there weren't a lot of nightlife places - but I am sure that there are options at hotels, etc.