I have never been to Bora Bora, but Ihave been to Papeete (the main island) and to Moorea. I went with my wife on our honeymoon in August 2006.
We flew from NY with a stop in Tahiti, then onto New Zealand where we spent one week. It was winter in New Zealand and cold (in the 40's and colder in some places). We drove around and I can tell being there twice already it is one of the most beautiful countries in the world, especially the South Island.
On the way back to NY we stopped in Tahiti and stayed for a week. Spent a few days and Shabbos in Papeete, decent hotel. On Sunday we took a boat to Moorea, about a half hour away. What an island. A lot of the locals say that Moorea is just as nice as Bora Bora (some say even nicer) but a lot quieter since there are not as many tourists. We stayed in the Moorea Pearl Resort, very nice place, pretty pricey.
The ideal way to vacation is to stay in the over water bungalows - extremely expensive. I need to warn anyone that plans a vacation there, there are very few beaches and they are tiny. The beach in front of our hotel was maybe ten feet an not very wide. But the amazing thing is the water. Take ten steps into the water from our hotel and there is a drop where it becomes very deep and there is just a wall of coral, with amazing colorful fish swimming right up to you. I can't describe the feeling, you could just take snorkeling gear and be in the water for hours watching this stuff.
If anyone is interested in hearing more or need some tips, respond to this post. I would love to hear from someone else that went there.