We stayed at the intercontinental Bora Bora 1/05 (which I think is now the "old one" as the new one there is completed) and it was pretty nice - I agree with what steve says - the resorts are not what I would call five stars by other standards but are nice - we stayed in an overwater bungalow and the snorkeling all the way out to the break was great (roughly half mile and was not deeper than five feet) tons of maximas embedded in rocks but not a great amount of SPS