As mike_s said, it's a nice little dive. Back then it was a one-tanker, and the last time I looked, it still was. We did it a couple of years ago, and saw a few nice things, although the ambiance was a bit beat-up. It was also my first outing with an underwater camera. If you haven't been to CocoCay before, it's basically a sand island with amenities.
When we dove CocoCay, it was our only dive of the trip, so we rented gear. I'm a bit of a klutz, so climbing out up the beach is quite entertaining for the onlookers, and I usually end up with my gear full of sand. I believe the difference was $10, and that beats spending an hour getting sand out of my BC any day. The DM was absolutely shocked (and quite appreciative) that we rinsed out our rental gear.
However, be aware that the fins there are full-foots, and we wore some old socks with ours. Definitely a dweeby look, but we peeled them off and tossed them at the end, and no sore spots on our feet.
I heard on a later Sovereign trip that the reef was quite nice for their dive, but I don't know if they took a different route from ours. I've been intending to do it again, but we usually end up on the Sovereign in December, and the water is too cold for me at that time of the year!
If you take the Jet-Ski lift out to the rock - keep your arms at full length - I was trying to hold myself up more, and had a sore shoulder afterwards. It took a couple adult beverages to get in shape for the casino that evening.
I put a review of our trip on the Cruise Critic Scuba and Snorkeling board if you would like to take a look at it.
Have a great trip!
Wendy
review
http://boards.cruisecritic.com/showthread.php?t=16565
dive pix
http://community.webshots.com/user/wendyandkeith