Tami, I have snorkeled at that area several times before and found it to be great. The pier area had more fish than any other area I have snorkeled. I don't remember any coral but the water is pretty deep so I do wear my nerdy snorkel vest ;)
One thing we have to be careful is to check if it is jelly fish season. Last time I was in Cozumel, I get stung like crazy and my whole body was tingling.