Oahu

Oahu is definitely the Hawaiian destination for all first time visitors to the islands.  That and anyone who wants to party 24/7.  You get the cheapest deals (if you shop around) to Oahu even if it's a little tourist-y.  You also appreciate the beauty of the other islands more if you visit Oahu first.  If you visit Oahu AFTER experiencing the other islands, you may not give it a chance.   We've been to Oahu 3 times and here are our must sees:

Paradise's Cove Luau (in a beautiful setting with several activities to choose from, it's the most entertaining luau since you are not just siting the whole night)

Polynesian Cultural Center - recreation of village life on all of the Polynesian Islands.  If you see nothing else @ the PCC, the Samoan Fire man is a MUST see.

North Shore - surfing capital of the island

Waikiki Strip - all kinds of shopping from the high end designer stores to the street vendors. 

TIPS:
**Don't splurge on the hotel unless you intend to spend your entire vacation there.  If like us, you plan on seeing as much of the island as possible in the limited time you have there, settle for a mediocre hotel.  As long as the beds are clean and comfortable and bathrooms are clean you are better off spending your money elsewhere.

**If you stay on or near Waikiki Beach buy a soda in a "pineapple" @ Cheese Burger In Paradise.  You get free refills for life or at least for the duration of your stay. 

**For unbelievable, but affordable, seafood visit Todai.  An all you can eat sushi/seafood buffet that seems to go on for miles.

**Haggle with the street vendors and never buy the first thing you see.  You will always find it cheaper somewhere else.