Supercook, I've only heard the east coast bias, but I have heard that spearfishing and diving wasn't very good in the Gulf - they said the vis was poor and there were too many sharks.
Have you gone before yourself and had good luck? I'd love to go out there - the water is so much calmer than the Atlantic side...
Diver/Spearfisher here. YMCA certified - used to be a dive master but let it lapse because I quit helping FSU with certifying students taking the PEN class. Also Nitrox certified (gas of choice for spearing :rockon ). Have a 52" Rhino commercial and 48" Rhino guns. Haven't been in quite a few years though as most of my dive partners have left town or we drifted apart after I graduated (yikes - creeping up on 10 years from college graduation!).
To answer the question about the Gulf diving:
The water is typically murky with low viz. Most of my diving has been from Keaton Beach to Horseshoe Beach with some around Carrabelle and Panama City. Waters can be sharky although I have yet to have a major problem with them, especially around the Keaton area. "Holes" are typically limestone "swiss cheese" type bottom with some small rock formations. There are some wrecks and other structure to dive but they're mostly public numbers.
