Hello! We just went to Boracay for Christmas and it rocked. We loved the atmosphere, it is really really cheap and there is loads to do. Beautiful beach and great restaurants. The entire beach is lined with bars and restaurants. The partying doesn't really start until after 11pm, check out 'Summer Place'. They have these brilliantly cheap fruit cocktails and the sunset is second to none.
I wouldn't say the diving is very good though, having dived in Mexico, Great Barrier Reef, NSW (Australia) and Sipadan Island I'd say it is very average. Apparently the conditions change quite a bit, but there was limited coral and we had to feed the fish to make them come... not very big either. They have an OK wreck dive. Apparently Palawan is awesome for wreck diving though.
If you go def hire motorbikes to cruise around (or scooters). We had a really awesome trip, only negative is everyone is trying to make a dollar so lots of toots, but that's part and parcel of it really.

have fun if you go..
I forgot to say Nigi Nigi Noo Noos looks good, Friday's is far away from the action (walking terms)