Hard to beat Ambergris Caye. Not bashing Ramon’s, it is nice but it is definitely pricey. Check out Reefadventures.com. Ched Cebral and Captain Ron run a class act operation and I would not hesitate to use them again. I rented a condo through them @ The TradeWinds and it was perfect. It is walking distance to the grocery stores (Richies and Caye Mart), so you can buy groceries and eat on the cheap. Lots of great restaurants and bars on the island for dinners – Elvi’s (has live music too), Fido’s, Ramon’s, Blue Water Grilll, Wild Mangos. Do not miss the The Palapa Bar and Grill, which recently relocated to the Reef Adventures pier, and definitely catch the Chicken Drop @ Wahoo’s – Thursday nights @ 7 PM. Diving is Ambergris provides A LOT of creatures, reefs are spur and groove, pretty cool. Amigos del mar is the operator for blue hole – $250/pp, I talked the price down to $180 pp, booked via Reef Adventures. Same thing with the cave tubing – there is a combo trip for zipline and cave tubing. Water is chilly. Ziplines were cool. Water taxi was 90 min one way and a beat down, but you’ll survive – I talked the trip down from 180 to 130 pp I think. The puddle jumper from BZW to Ambergris on Maya Air was $145 RT pp in 2012.
All that said – If you’re flying on miles, check out Anthony’s Key Resort on Roatan. AA goes direct from many cities and AKR had a BOGO as late as last year when I went – EXCELLENT place.