My wife and I just returned from a week at Captain Morgan's and had a blast. We had a great time fishing with Captain Bicho, checking out Lamanai with Searious and shopping/eating in San Pedro.
Someone mentioned in another report that the food in San Pedro was expensive and not very good. My experience was quite different. The food wasn't cheap (you're on an island after all) but most all the meals I ate were delicious. I really enjoyed Jambel, Elvi's and B.C.'s barbeque. Captain Morgan's restaurant never failed me either. Also, Captain Bicho gets high marks as a fishing guide but don't overlook the fact that he's a good cook as well. His beach barbeque was excellent.
I've got a full report including (lots of) pictures on line at my web site, cyclinglife.com
if you want to check them out (click on the shark picture from Shark Ray Alley). Be warned, however. It's a small server at my house so it may not be very fast. I haven't spent too much time proofing it yet, so pardon any mistakes.