I have done Lagoonarium and waverunner and both were great. All the tours were well received on the PG.
However, that being said, I LOVED the waverunner around Bora Bora. It was beautiful, fun and a truly relaxing and lovely experience.
On Moorea, there is a See and Sea and a Waverunner there as well. Both are great. I think the See and Sea is more spectacular because of the wonderful snorkeling..it is something to be seen..This is a combo land safari and snorkling boat trip.
The wave runner trip is also nice, but doesn't compare to the one around Bora Bora.
We got to try a lot of the trips because we did a back to back. The parasailing over Moorea and Bora Bora is a great experience too. If you can fit it in, it is worth it. Don't miss your moto days!!!!!!!!!!!!!! I found the Pearl farm trips just so so.