We visited Little Water Cay on two separate excursions with different tour companies. It's definitely a fun place to explore, and it's fun to try and spot the iguanas.
We stopped here on our snorkel tour, and we paid extra to go on the island--there weren't many iguanas, so not really worth the money.
The National Trust are just completing a new building on the island, not for the Iguana's but for visitors, I also heard there will be new signs to help visitors while they visit this unspoilt bit of paradise. At first it's difficult to see any Iguana's then you suddenly realise they are everywhere, big, small, stationary, scuttling around in ones or twos, if you look long enough your certain to see these cool creatures, there is also a good chance of seeing sting rays off the North shore while walking along the stunning beach, as well as conch and if your lucky a nurse shark. The tour is usually 15 mins or so with the guide and then you can wonder around, it's a great thing to do if you have an hour or so spare.
We have rented a kayak with Big Blue... they gave us a map of the bay, with info about strong currents and shallow water. It took us about 15-20 minutes to get there (the way there is easier than way back:))... we have been only on the west part of the island, as there are two trails, where you can see iguanas (it was stated on the map from BB). The island is full of iguanas, you will see a lot of them (especially when you go there by your own, not with the cruise)!
My wife and I were the only travelers that day so we had two guides a bit our junior with us. They were really cool and we kind of just hung out with them rather than they being guides to serve us. The mangroves are awesome with so much wildlife - sharks, rays, starfish and conch.
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