Recently did site inspections at both Four Seasons Bora Bora and the InterContinental Thalasso, and Four Seasons was much better in terms of bungalow maintenance (beautifully appointed overwater bungalows at Four Seasons vs. moldy grout in the bathroom at the Thalasso, noisy air con, cheaper looking fixtures), service, airport transfer and amenities. We did like how close Thalasso was to Mount Otemanu, but the closer views didn't make up for the other shortfalls. Also saw more marine life around the Four Seasons overwater bungalows than at Thalasso, which is in very shallow water--even saw a shark and barracuda right underneath our FS bungalow. But agree that you'll want to take excursions around or outside of the lagoon to really see the marine life--we enjoyed snorkeling with Pure Snorkeling and diving with Dive N'Smile.