We stayed at Tobacco Caye Lodge (former Island Camps) back in January and had a nice stay. They have the nicest cabanas and property. However, all the lodges run together on Tobacco Caye, and only one (Gaviota's) has signs threatening other guests against sitting in their hammocks and chairs. This island is so small you'll know everyone on it very quick.
Thanks the the wonderful hospitality, drinks, and cooking skills of Raymond and Brenda Lee of Oceans Edge, we will likely stay there next time. We fell in love with the bar there and spent lots of time there.
Andy Muha runs diving out of Oceans Edge. We chose to dive with Martin and Janette from Second Nature Divers (firstname.lastname@example.org)and were very happy. They use the island as their reef base camp and are there every day. The dive sites are mostly a 5 minute boat ride away. They gave great briefings and did a good job altogether. Might be easier to do night dives and such with Andy, however. If you do a search for Tobacco Caye, you'll see our trip report. We are going back soon! Loved it there.