Grand Bahama Island or Paradise Island?

Question

My boyfriend and I want to plan a trip to the Bahamas for this May. We are looking at Grand Bahama Island (Freeport/Lucaya area) or Paradise Island. We are both 25 and want to be able to engage in some water sports during the day and party at night. We also want to spend some time on a beautiful beach, but we don't want it to be overly packed. I also like to shop and we like to try different kinds of restaurants. Any suggestions?