We did the Waverunner trip around Bora Bora, and enjoyed this excursion (be forewarned - it was a bit bumpier than I had imagined it would be, but alot of fun).I'm not much of a snorkeler, but my
husband is and he snorkelled at both of the motus;
he felt the snorkelling was better at the Bora Bora motu. Was going to recommend Matira Beach to
you, but you will be right there when you stay at Hotel Bora Bora. Beautiful beach, and snorkelling supposed to be good. Locals also told us that the beach and snorkelling at the Sofitel on Moorea were great. Radisson actually has an excursion
there, but you could easily go on your own for less money. People seem to really like the Lagoon Discovery Snorkel in Moorea and the Shark and Ray Feeding on Bora Bora. Do take the time just to relax on your cruise. I think we ran around a little too much.