Awesome dives? Do you mean shore dives or boat dives? I wouldn't consider the shore dives to be "awesome" but can be enjoyable and entertaining dives for the price. Destin jetties, PCB jetties, Navarre pier, Pensacola Beach, etc. There are also freshwater spring dives about an hour away.
For boat dives, I've heard the Destin and PCB ops only like to go to a few close in places. Much better diving and dive ops out of Pensacola. About a dozen charters to choose from and 50 dive sites of all types and depths.
Pensacola and Destin are about an hour apart, halfway between (maybe a bit closer to Destin) is Navarre. That might be a great place to stay, puts you 30 minutes or less to either location. The beach at Navarre is great and the condos run a little cheaper. The area is much less crowded and much quieter. Pensacola is also kinda quiet though not so much as Navarre. On the other hand, if hustling and bustling is what you want then Destin is your place.