Hi Pakman -
When in dove Pescador Isl in summer 2003 it was one of the highlites of my divetrip to the Philies. Great viz, beautiful wall (which you can dive at several levels so no dive is the same - it is a deep wall, the whitetips at the time were at 48.7m (remember cause it has been logged in my stinger as "high score" for depth - not sure whether it is a good thing but...)). Agree that the reefs immediately in front of Moalboal are a bit rundown - too much traffic by boats I think (and a typhoon in the 1980s) do it no good.
Also dove Malapascua on that trip. We dove Monad Shoal (where the treshers are) on two early mornings, saw the treshers the first dive, not on the second. Guaranteed it is worth going there for the treshers only, agreed. Gato Isl is around there as well, equally good fun (and has some smallish white tips in various caves etc - must be bigger ones out there as well you'd think, the couple on pescador isl. wall definitely are).
I travelled to Moalboal and Malapascua both with CERES busses, I think. From Cebu to Moalboal was around three hours, think the bus to Maya (port to Malapascua) from Cebu took a bit longer, but not too much. So may be you are right that in travelling it does not make a big difference. Somehow, in my mind, it is just that Malapascua felt much more remote and far away from Cebu than Moalboal. Weird.
Anyway, if you meet the Danish guy at Malapascua's White Beach Bungalows, make sure you get invited to taste the curry has wife makes - fantastic food!
Happy travels, Arie.