Ive just booked to go back to Sharm for the third time and although I have booked with First Choice because I wanted the Red Sea Holiday Village, another hotel I was considering which seems to have a serious amount of slides is the Sunrise Tirania Aqua Park. Difficult to explain where it is if you dont know Sharm but its a bit isolated (lots of hotels are, many people just stay put, or go on organised trips).
I was getting a fairly good price for this by doing a kind of DIY via Travel Republic. Going on their site and selecting flights and then clicking through all their hotel options. It isn't classed as a package as it says that quite clearly on their site.
The downside of bookling DIY to Sharm is the flights are so dear, its hard to beat the price that a package offers. If it comes to the point where there is only 100 pounds in it, I would go with the package holiday as you get the protection of the package tour regulations. Different though if you can save 400 or 500 hundred, then it's probably worth the risk.