Hey Mike,
You're not staying very long in either location, so I would suggest a two dive day in Moorea with Top Dive - set up Shark dive and Reef Wall dive. That will give you a fun sample without using an entire day. Moorea really should be explored - I would suggest renting a car or taking a jeep tour on one morning. The Pearl is a nice resort. We enjoyed our stay. Make sure you have dinner at Te Hono Iti in Cooks Bay. Make a reservation for just after sunset, at a table along the water. They do ray feeding and the rays are swimming past you all dinner long - also the food was very good quality. In the mornings, I would suggest that you take the short 400 yard walk (out the entrance and to yoiur right) to the nearby village for breakfast. There is a really good pattisserie on your left - can't remember the name but you can't miss it. It has a large patio with numerous umbrella tables. Lunch is also very good and affordable, and you can buy sandwiches to go if you plan on a day trip somewhere.
I did not dive in Bora Bora as it was raining heavily for almost 3 of the four days we were there. The lagoon is amazingly beautiful. We stayed at the intercontinental and I found the snorkeling to be average, even snorkeling over to the motu. You may want to hire a skiff to take you to some good spots if you are not going to dive.
Hope this helps. FP is the most physically beautiful place I have ever visited (although I'm going to the Cook Islands this summer). FP citizens are friendly and laid back - sometimes you will get fast service, other times very slow. Just relax and enjoy.
