I think Hawaii (Oahu) offers the best value family holiday of anywhere I've been. Heaps to see and do. Snorkelling isnt too bad but up in front of the zoo at Waikiki is pretty good. We went off Secret Island and it was terrible. Sharks cove on the north shore is supposedly unreal but its a summer only option.
When I was there in late January everyday there were decent waves. North Shore was huge and almost everywhere else on oahu there were lines of swell of different size rolling in.
I think middle of Waikiki is the best spot to stay for a family holiday. Plenty of touristy stuff to keep the boss and kids happy. Admittedly north shore and other places are a bit of trek but its easy enough to get there.
Maybe stay on the Big Island a few days to see the volcano and waterfalls etc or on Maui and then Oahu?
Go to the Cheesecake factory