We have been quite fortunate to have gone diving in some of the underwater paradises of the world. Our favorite places, in decreasing order of beauty and preservation are:
Red Sea in Egypt: Warm, great visibility, big pelagics, amazing coral, historic shipwrecks. The Straits of Tiran is the place to see whale sharks, hammerheads, dolphins and mantas;
Palau: Amazing wall diving with great visibility, large pelagics, warm waters, WWII wrecks, and stiff currents. Large schools of grey, white tip and black tip reef sharks, hawksbill and loggerhead turtles, eagle, manta and sting rays;
Galapagos: Cold waters, rough, murky but unbeatable for huge numbers of big critters, especially rays of all sorts (golden cownose, sting rays, marble rays, eagle rays and mantas) and sea lions. It is unique because you could see penguins and marine iguanas also, while diving.
Great Barrier Reef: Warm, colorful, clear, a bit too busy these days and horror of horrors, they chum along the northern parts of the reef. As of 2010, I think it has lost its charm;
California: Very cold, great for sea lions, seals and sharks, spectacular when clear. The kelp forests are unique and the sea lions are a blast;
Hawaii: Warm, colorful and clear, reefs are hurting. However the manta ray dive off Kona is a unique experience;
Martinique & St. Lucia: Warm, colorful with some spectacular sites;
Florida: Warm, nice wrecks, reefs are hurting;
The Mediterranean has been tremendously overfished and destroyed which is quite sad.
Some pictures while diving in Hawaii and California can be found below. Galapagos pictures are here.

Bat Rays Movie Sea Lions Movie
S.S. Yongala off the coast of Queensland, Australia