For nightlife I'd recommend Sharm, plenty going on there although you may find you'll need to take a courtesy bus or taxi to Naama Bay (where all the action is) from your hotel.
I'm not sure of price of drinks I'm afraid. I know my Mum paid something ridiculous like £7 for a Pina Colada in the Hard Rock Cafe last year though so I'm guessing alcohol is quite pricey.
I ate at the HRC a couple of years ago and remember being very well fed for a very reasonable price.
There's great snorkelling to be found at the Conrad as well as a wonderful beach (lots of info and my pics in the Conrad thread). The Conrad is about fifteen minutes by bus/taxi from Naama Bay.
Pippy