Went last summer and quite enjoyed it. Couple of things though. Make sure your hotel has a pool, the temperature was 47 degrees most days when I was there last July and bring plenty of sunscreen.
If you're into diving and snorkelling then its absolutely fantastic and there's always beginner classes if you've never done it before.
I stayed in the 5* Hyatt Regency and it was quite special. Though from some of the hotels I seen you wouldn't want to stay in any hotel below 4*. Snobby I know but true.
Going out, life in Sharm El Sheikh revolves entirely around money. Tip your room cleaners and you'll find extra perks around your room the next day. More water bottles etc. In Naama bay (if you go which I assume you will) you will get harassed non stop for money. The shop owners can get quite annoying when pestering so just be prepared for this (They mistook our party for Russian and automatically thought we were all minted).
Got a couple of Casinos if you interested in that. I went in a desert quad biking trip and it was amazing, driving through the desert and stopping off in bedouin (sp) camps for dinner and shisha pipes (if you're into that). I would fully recommend it, met a blue out there aswell.
Any more info at all needed just pm me.