Sipalay is my 5th or 6th different destionatoin in the Philippines. I heard about it from a group of European divesr last year on a trip to Palau and contacted them (Artistic resort and Diving) to see if we could bring a group there.
After 5 days of diving there, I think that the combination of the resort features and the quality* of diving ranks Sipalay right up there with Bohol and Puerto Galera. It's a little unfair to rank it against Dumaguete because I've been there twice AND had the opportunity to dive the famous "pier" there as well. This is no longer possible in Dumaguete, but the Sipalay Pier is a great dive.
*Usually there are no big animals to be seen here, so with this mindset before you go there, the quality of the reefs, and diversity of critters is very, very good. Couple this with the ease of diving for most divers (not absolute beginners) this will be a very enjyable visit for you. And the cost is very reasonable.
Take a look at the videos and decide for yourself.
Highly recommended for: Semi and experienced divers, photographers, little critter lovers, long bottom times over shallow coral and sandy patch reefs, and an inexpensive dive trip.
Not recommneded for: deep divers, big animal divers, brand new divers who aren't used to boat diving and mild currents.