Have a look at Little Cayman Beach Resort and Brac Beach Resort as well. They are on respective sister islands, offer all inclusive packages, good food, good dive ops and in my opinion the diving is better on both of these islands as well. They often have discounted "special offers". Depends on what kind of holiday you want. If your primary objective is diving and not shopping, I'd consider avoiding Grand Cayman.
Disagree with Lopez116, what sets the Cayman Islands apart from a lot of the rest of the Caribbean is the awesome wall diving which is not easily accessible from shore, so going out by boat is essential to experience this.
My preference for diving these islands is LC > Brac > GC.
When I am on GC, I almost always go boat diving in AM North or East End Wall and than do an afternoon shore dive at Turtle Reef or Cobalt Coast and then a night dive from same site.
---------- Post added January 5th, 2014 at 11:54 AM ----------
Just saw an all inclusive package for Cayman Brac reef resort for January for $1195 including afternoon diving, on a different thread. Hard to beat that deal.
---------- Post added January 5th, 2014 at 11:55 AM ----------
Don't forget to calculate in Cayman Airways flight to CB or LC. about $175 return per person.
Still a great deal on CB.