My boyfriend and l would like to go to Egypt in May for a week. We're on a limited budget approx £300-400. I've seen lots of all inclusive and half board deals, some for as little as £250 but l really don't know where to go and what is good. We don't want to go somewhere really touristy and built up [eg is Sharm el Sheikh like this?] but equally don't want to be in the back and beyond as we're both young  and want a bit of fun, watersports [snorkelling is fine rather than PADI as neither of us has done this], chilling out etc. Also is it better to go for All Inclusive/half board as most of the cost is out of the way or is it better to go B+B and find places to eat ourselves? Not sure which is cheaper etc.
Any suggestions would be great!