I worked as a diving instructor out of diver's lodge at the interconti hotel in hurghada back in 93/4 for a few months (which was newly built and cracking apart within months- but thats another story). Hurghada was a dump in those days, and downtown defined the word 'harrassment'. The egyptians, unfortunately, had little understanding of sustainability and conservation, and consequently many of the dive sites were pretty trashed even back in those days.
However, 14 years or so is a long time and it retains much affection in my heart as I look back with rose tinted specs on. As such, sahl is somewhere ive kept an eye on in terms of investing.
Whatever the negatives, the diving will always be better than in cape verde or anywhere in the med, and the weather is pretty good all year. Not to mention the windsurfing.
I dont think its a great place to go out on the beer- expensive and poor quality- so some might get bored there after a few times if they arent into their water sports.
But in terms of sun, sand and sea at a much lower price than some 'cheap' investments in cape verde, bulgaria and the like- I dont think there's much comparison in terms of value for money for short-hop destinations from the UK.