Marcie,
I've been to Bora Bora several times , and all but one time we did the wave-runners.....I think Bora Bora and Moorea have the most beautiful water in the world. <img border="0" alt="[hula]" title="" src="graemlins/hula.gif" />
I would highly recommened doing the wave runners, but I think I would stick with the ships tour. We have never done the "on our own"