Water isn't that clear. Sand is course. The fishing is great. The food is great. I'd say there's probably 10x more things to do in Cancun than Cabo. But Cabo is fine for a relaxing vacation. I'd also recommend staying near Medano beach so you're within walking distance of the town and the restaurants.
My favorite place (and best bang for buck) to eat is Gardenia's (fish tacos).
My inlaws go several times a year so we know it well. If you have any questions let me know.