Depends on if diving is the only reason for the trip, or just part of the trip. Malapascua is tiny and can get a bit of island fever. If you're going only for diving, it's excellent. Moalboal I didn't dive, but I know it is much easier to get to, and has more options for evenings and celebrating the New Year. It's good, but without the sardine run I'm not sure if the diving is as good as Malapascua. If you're going only for diving, I'd check a place like scuba board for other reports too. There are some other options in the CEB area as well, like Siquijor, Dumaguete, etc. if you're open to those.