I stayed in Playa del Carmen in May 04 with another couple, and had a great experience on one trip(flats) and a horrible offhore venture. The flats trip was over on Cozumel, after a nice ride on the ferry from the mainland. Sent the wife and friend shopping while me and my budy went fishing for 8 hours. He is an avid fly fisherman, while I prefer light line spinning. Our guide accomodated both of us, fishing the mangroves for nice action on medium sized snook, 1 nice 30 pound tarpon, and tons of small permit( which he said was rare for so many, we got around 20 or so) on small leadheads, spoons, and DOA shrimp plastics. We then stalked some tidal flats for a few nice bones for my bud, and I even managed to get one on a dead shrimp drifted back into a school with 15 pound flourocarbon and a tiny circle hook.
At night, we cast around the docks at our hotel for non stop action on small fish with the occasional monster showing and giving us a real adrenaline rush. We never did hook one of the big boys on the shadow deges just out of the lights, but next time I bring a stout setup. I was fine with my 7' light action and a 4500 spooled with 14 pound fireline and flouro leaders, and my friend brought his 8/9 reel on an 8 weight 2 piece rod I believe.
The offshore trip sucked, the boat was run down, the mates were clueless, and the lures and equipment had seen much better days. The only billfish we raised took one look at the rusty hooks and dissappeared ner to be seen again....
Good luck and have a great time!!