Keeping our ears to the ground - we got the following hot off the presses advice about where to find cool stuff when you snorkel directly off Sugar Beach:

Spotted in April 2012 by George C - in just 50 feet off the shore about 4 feet deep, directly in front of unit 205 - a green moray and about 10 small lobsters! Then 2 days later, George reports spotting a large ray buried in the sand along with the usual variety of  fish and lobster in the tire reef just in front of Smuggler's Cove (that's to the left as you face the ocean from Sugar Beach). George was able to catch one of the lobsters to show off to his friends on shore. Not a mean feat when you are Snorkeling. I'm sure George put the lobster back afterwards - those babies are cute - but they don't make for much of a meal!

Thanks for the report George. If anyone else spots something fun - in front of Sugar Beach, or elsewhere on the island - do let me (and everyone else) know by leaving a comment!