One hour on the plane, 4 hours in the car/bus, and a 30 minute boat trip to the island of Malapascua would be burdensome for those spoiled by the convenience of getting to Borcay. I didn't mind, but wouldn't recommend a trip there for my own family.
Waking up at 4:30am to be in full gear, and descending into the water as the sun is rising is no joke, but the thresher sharks at Malapascua are absolutely gorgeous—the most good looking shark I've ever seen.
I love how there was a fantastic lack of people on the island. Just enough tourists so that I didn't feel strange about being the only customer, but few enough that I felt like I was at my own private island getaway.
Service is lackadaisically slow, but we were never in a hurry anyway.
The best restaurant on the island is this Italian one called La Dolce Vita, where meals cost a fortune by island standards—Php300 to 400 per person, and more if you order wine.