Ditto on what Marylou says! I am going on Sovereign of the Seas April 17, 2006 for a family reunion of about 50 people. We tried setting it up ourselves but when deposit time came around, it was way too confusing and a hassle to chase people for money so we transferred it over to a travel agent.
In reference to CocoCay though, I LOVED it!!! More so than Nassau because it was peaceful and quiet. The BBQ was good, the scenery was beautiful, and I heard they recently put in some trails that go around to the other side of the island which was previously off limits. Lots to do, and many many places to relax. Like Dave the Wave said, the jet ski tour is a must! They take you from CocoCay on a jet ski between 1-3 out to smaller neighboring islands and you explore on your jet ski. We saw Starfish Alley which was awesome...about 8 feet of water but it was so crystal clear to the bottom it looked like about 3 feet down! We saw lots of stingrays in the mangroves, and some other neat fish swimming under our ski.
Tendering is always in question because the Bahamas are usually windy. We were lucky enough to get there so it depends on the time of year that you plan on traveling.