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El Cantil would definitely be my first recommendation. It has all of the amenities you could want in upscale condo's and it's location to town can't be beat. But, since your willing to consider the places as far south as Residencias Reef (which is a cool place). I would also consider a house that is pretty much right next to Residencias, Casa Debra. (http://www.cozumelbeachhouse.com/).As of now, Reidence Reef is our top choice. Beautiful location, beautiful unit, and right on the beach. We'll have 3 non-diver wife/girlfriends with us who want to enjoy the water - should work out fine.
The hunt still continues though!
Thanks for everyones help so far!
We're going to stay at El Cantil for the first time in March and are definitely looking forward to it!