Have been on it twice and both times for the sunset cruise. I can tell you that it is a lot of fun, they stop up by Booby Cay for snorkeling, then again by Pushcart, then down to Rick's café and then on to the lighthouse and back. It does include open bar and a great dinner.
Can't say anything about the island cruise as I have not been on it. But the staff is great and the trip is definitely worth it.
~Moose