RB,
Where haven't you lived RB?
I was there as a reader for my friends' wedding in Honolulu. I spent the first five days just off of Waikiki. During that time I got a look at some of Honolulu, including Diamond Head and took a half day to the leeward side to go snorkeling with dolphins and sea turtles.
I spent the last 4 days in your old stomping grounds. My aunt and uncle just retired and moved to a place just three blocks off Lanikai beach. Yep, it was absolutley amazing there although it rained much of the time. The last few days I got in some swimming at Lanikai, checked out a surf competition at the North Shore, took a quick hike to an area overlooking both the beach and Kailua and went to see Queen Emmas summer palace.
Good luck retiring out there. It's absolute paradise but mon dieu! the cost of living is insane. Fortunately for me the groom's family is uber rich and paid for my hotel, a couple incredible meals and even surf lessons. My aunt and uncle are reasonably well off as well but the reason they were able to pull off living in such a nice area is that my uncle is a retired Air Force reservce colonel so he gets the discounts at the bases out there.
I will definitely be heading back out there.