You can rent mopeds on Ometepe if you want to. I've been to the island 4-5 times over the past 10 years, and I've noticed that the public transport has been getting a bit better. There are now more buses running than there used to be a decade ago. But if you want to go to San Ramon or some other place on the far south of the island, public transport is still really limited. And to move from the east side of the island to the Moyagalpa ferry terminal, you have to change buses in Altagracia, takes you a bit out of the way.
Really if you have 5 people, you should hire taxi to go places, since you'll have enough people to fill the vehicle, and it will be much faster than using buses.
