We were there in September 2004. We were lucky in that it was an overcast day, which kept the heat down. The waters are perfectly calm - so close to the equater with no tidal movement. The bathing area is restricted. Tere was a couple snorkling just outside the the line and were told they had to be on the inside. There is a "excursion" to the opposite side of the atoll with snorkling and other water activities. However, there are no restrooms or other facilities. At the beaching area, there is food, restroom facilities, a nature path walk, bar/soda of course, a small straw market. We ended up staying all afternoon because the weather was pleasant. However, if it is hot, there isn't much to keep you onshore.
Fanning Island is great. You can check out info about Fanning Island byvisiting our sister site located at www.PortReviews.com. Here is a link to the Fanning Island review.