There are A LOT of neat things on the island, but if I had to pick three:
1. Hanauma Bay
It was a volcanic crater, and its outer wall was broken down by the ocean. It's really green and beautiful, the water is a clear turquoise and the sand is nice and soft. It's pretty shallow, and home to so many different kinds of fish, including some that are found no where else on earth. It's the perfect place to go snorkeling.
2. The Arizona National Memorial
It's a really heart-breaking but inspiring piece of history. The museum has pieces from the wreckage. The tour includes actual video of the attack, and I really can't describe what it's like to look down on the sunken Arizona. It's an intense, emotional place to visit.
3. Tie: Altantis Submarine Tour or Germaine's Luau
The Atlantis Submarine Tour takes you waaay down in the ocean near Waikiki. You see sunken ships and airplanes, and depending on how lucky you are, you'll see all kinds of fish including sharks and sea turtles.
[imghttp://www.hawaiidiscountactivities.com/reservationrequest/uploads/act931img3489.jpg">
Germaine's Luau is a Hawaiian feast with lots of activities. They server the traditional food including kalua pork cooked in an imu. While you eat, you can watch dancers representing various Polynesian islands (some of the most beautiful women you'll ever see) and male fire dancers. There's a lot of humor and crowd-involvement, too.