I've been to the Bahamas several times. A few times to Nassau and a couple times to Freeport.
There is almost no promotion of Freeport so there isn't a lot of development there. The resorts that are there are great - not very expensive. However, by the same token, there is virtually no night life and very little in the way of shopping and scenic tours.
On the other hand, Nassau is promoted very heavily. Thus, you have Atlantis (which is too rich for my budget) which has the large casino and ritzy accommodations as well as the largest water park I've ever seen. The boutique shops in the lobby of Atlantis make your eyes bug out - Prada, Chanel, Coach, Yves St. Laurent, Ralph Lauren - the list goes on and on. However, paying $16.00 for a cheeseburger and fries cured me real quick! (By the way, I didn't pay that - I looked at the menu before sitting down). You also have the Wyndyhm (sp?) Crystal Palace which is on Cable Beach and has a casino and moderate rooms - certainly not the glitz of Atlantis.
Nassau has a little bit more to offer such as the straw market downtown and the ferry/jalopy boat rides to Paradise Island. Atlantis is located on Paradise Island by the way. You can drive over or take a boat and it is worth seeing.
The Bahamian dollar is dollar for dollar with the US Dollar - at least last time I was down there it was.
We are actually looking to go back down there again in May. You definitely don't want to go there from June through November (hurricane season). You wouldn't be able to stand the humidity outside anyway. The absolute, hands-down best time to go there is late March and the month of April. Otherwise, the conditions are way too oppressive for me.
Hope this helps!