Molokini is a crescent of rock sitting in open water in the ʻAlalākeiki Channel, about three miles off the Mākena coast and about eight miles from Māʻalaea Harbor, where most of the boats leave. What you see above the surface is the rim of a tuff cone that erupted through the sea floor, rising to about 160 feet at its highest point, with the seaward half long since eroded away. What you swim in is the flooded inside of that crater.
The geometry is the entire point. The crescent faces northwest, which puts its own bulk between you and the prevailing trade winds and swell. Inside the arms the water is calm, shallow enough to see the bottom and, because there is no river, no runoff and no sand stirring in from a beach, extraordinarily clear. Visibility of 100 to 150 feet is normal here and close to unheard of at a shore site on Maui. On the outside, the back wall drops away into hundreds of feet of blue, which is why divers care about Molokini more than snorkellers do.
It has been a State Marine Life Conservation District since 1977 and it is also a state seabird sanctuary, so nothing is taken and nobody lands on the islet. Fishing is prohibited, boats tie to fixed moorings rather than anchoring, and the fish behave accordingly. Somewhere north of 250 species have been recorded here, including Hawaiian endemics you will not see anywhere but this archipelago, and they are not shy. Before the protection, the US military used the crescent for bombing practice for decades, and ordnance clearance work went on long after the shooting stopped.
Where trips differ is not the destination. Every boat goes to the same three mooring areas. They differ in harbour, hull, headcount and hour. A 140-passenger power catamaran out of Māʻalaea with a slide, a galley and a hot lunch is a different morning from a 24-person rigid inflatable out of the Kīhei boat ramp that gets there in twenty minutes and puts you in the water first. Morning trips have the calm water and the visibility; afternoon trips are cheaper because the trade winds have filled in and the crater is choppier and murkier by then.
Most itineraries pair Molokini with a second stop. The usual one is the lava shoreline off Mākena, marketed as Turtle Town, where green sea turtles feed on the algae growing on the rock. It is a genuinely good second site, and it is also where your best turtle odds of the day are.