We were on a 3 or 4 night trip on Taka in 2008 when they were doing pretty much this, before they started sitting on the "outer reef." The Ribbon Reefs were much better diving than the outer reefs. I would have much preferred SoF but we couldn't get on it or make the schedule work at the time. Taka was well maintained and competent but that's about all I could say for it. The crew other than the cruise director was kind of unfriendly, the food wasn't that great, and there was no service to speak of like you usually experience on more expensive liveaboards. (While service is nice I can live without it, but I wasn't happy about the food and atmosphere.) The itinerary had us incredibly rushed packing up our still wet gear in time to get kicked off the boat - they turned the boat around quickly. Maybe the food and atmosphere is different now, or not. But it's still not much time on the good reefs, and I suspect it will still be rushed. (I'm unclear if this is just the same boat running this itinerary sometimes, or a completely different boat?)
Stuff in Australia tends to be expensive but everything is still relative, you generally get what you pay for. If possible I'd book a longer better trip. If it was all I could spend or schedule, I'm not sure if I would do it or not. I probably wouldn't do it again.