Perhaps I am guilty of comparing Papeete to the other islands. For me, 2 days hanging out by the pool would be boring, but that is just me. Downtown is pretty depressing -- again, just my opinion. I am not familiar with snorkeling in Papeete as I have not checked it out, but I seem to recall that there is not much? Again, I may be completely wrong.
A day trip to Moorea is now possible on a high speed ferry. I don't know the price, but should be less than flying. I believe they now make the trip in about 30 minutes. I can't believe Moorea would be more expensive than Papeete, but again, I don't know for a fact.