Went to Moorea and Bora Bora for my honeymoon almost 10 years ago to the day. Stayed in an over water bungalow for 10 nights and wouldn't have done it any other way. Wherever you go the bungalows are beautiful, luxuriously furnished, and just downright fun to stay in. Our bungalow had a window in the floor so you could look straight into the water, and the deck had steps leading down to a smaller deck with a shower and a ladder so you could go straight into the water. The lagoon itself is unbelievably crystal clear, warm, and generally shallow - about 4-6 feet deep all the way out to the barrier reef surrounding the island.

The are things like cone shells and stonefish around that you need to look out for. Farther out you'll find blacktip reef sharks and barracuda. We took a shark diving tour and had tons of sharks swimming beneath us, but in general they won't hurt you unless you harass them.

French polynesia is literally paradise on earth. Highly recommended unless you're into city vacations and nightlife.