It is fun, but mostly a "shopping tour", not your typical "booze cruise" which tends to be overrated any way. I remember my favorite club being Daddy O's. A friend and I were taking the bus from where we stayed (Melia Cancun) into the northern part of the peninsula. We ended up missing our exit and landed in the real Cancun, MX. Make sure you don't do that.
AXJules, I am jealous!! Some friends and I were thinking of heading that way this summer, so we'll see.