Just finished a trip to Caye Caulker to get some diving. Went to Frenchies first after reading all the reviews and hearing some firsthand recommendations. Unfortunately we didn't go back.
Frenchies is on the main drag on the east side, so it's easy to find. Suits were torn up, frayed and regs/BCDs were old appearing. By itself, not a dealbreaker.
My GF couldn't get breathe easily off her reg and told the staff on the dock about it, but was told not to worry about it. No one bothered to take a breath off it.
It didn't work any better in the choppy water, and the divemaster was annoyed. She had to use her secondary. So much for Frenchies. Overall attitude: condescending and indifferent.
Next day we visited Belize Diving Services. Office is on the quieter west side of the island (meaning about 500 yds). Much newer equipment, plus you get a dive computer, which is great for checking your buoyancy and deciding how much weight you need. Plus, because people stream to Frenchies, we had the boat all to ourselves and the guys with us were easygoing and we had a fun time getting to know them. The trip with BDS was more like the other trips we've had before.
We ran into another guy on our trip with Frenchies later that week. He cancelled his trip to Blue Hole with them because of the attitude, and went with another dive shop down the main drag. So there are at least two other groups on this tiny island. Side by side, the prices and trips are essentially the same (however, BDS at this time is not doing blue hole). I think Frenchies is getting by on its name and visible location, but not on its service and like its equipment, is past its prime.

