I was also torn but decided for our first visit to stay in West Bay but in a quiet area. Found a Bed and Breakfast with nice apartments that have a view of beach. Its not in the middle of the action but close enough to walk to everything and have lots of choices with dinners and specials on drinks, etc.
When the cruise ships come in we will hop on the water taxi and then bus or cab to Sandy Bay and snorkel at Spooky Channel. That is the plan. If we love it there then next time maybe we will stay in that area. Elena