Yeah staying in a condo will be cheaper cause you can cook and go to the grocery store since, like everything in Hawaii, eating out every meal will be way expensive. Renting a car and staying in the same place all week may be best since the island is pretty small. The only exception would be if you wanted to spend a night at the places up around Hana.
If you scuba dive Molikini crater is fun, especially the backside where the big stuff hangs out, and there are some other fun dives over by Lanai.
There is some hiking and camping over by Haleakala and tour groups do the sunrise bike thing down from the crater. I'm pretty sure there are mtn bike trails around the island but I'm not sure where. Luau's can be way cheesy but if you have never been to one you should go once. One of the best I've been to was on Maui. There is also lots of good windsurfing there if you want to try that.
"They don't think it be like it is, but it do."
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