We stayed at SH for a week at the end of July. Two adults and two teenagers; we had one of the oceanview apartments with an adjoining double. Expensive, but worth it for the room.
We had the daily boat dive package. Despite renting a car with the intention of exploring the hinterlands, the two dives each morning pretty much tired us out for the rest of the day. Cheeseburger, fries, and cold Cay Brew beer for lunch at My Bar, and it was time for a nap.
It was still worth it to have a rental car, in order to buy munchies for the room, go out to dinner, or run out to a pharmacy. We also needed to get one regulator adjusted, and they only do that in town.
We did do Stingray City as a scuba dive. Kind of a touristy dive, but well worth it once. Bake sure you sign up early, because they get booked up -- they'll outsource you to another dive op (like Don Foster's) if they're full.
Other than that, we did a few shore dives, including night, and that was about it. Good vacation!
Yes, SH is a showing its age. But like they say, the beds are real comfortable -- my wife likes a very hard mattress, and I like a fairly soft one -- but we both agreed on the comfort. And that's one of the most important things if your'e staying someplace for a week!