Well I wasnt fly-fishing, but I'll post my report here anyway since this was pretty much the only thread on Spanish Wells on the Internet I could find.
Went out on a boat with a guide (cheating) the first day and did some reef fishing. Caught enough fish in 15-20 minutes for 3 meals. Kept 4 strawberry grouper and 2 Triggerfish. I'd never had Triggerfish before. The skin is impossible to cut through, so you cook them whole. Wrap in foil, set the grill on low, and 30-min on each side. It was outstanding. The cheek meat was the best (very greasy and chewy - like a fine cut of steak).
We stayed on the beach side of the island which is basically just a GIANT flat. You could literally walk miles out to sea and the water was only knee/waist/chest deep depending on tide. I caught some little stuff here (snappers and grunts) throwing bait (shrimp, fish chunks) on a small, unweighted hook along the grass-lines at high tide, but I found it way too expansive to actually wade and find anything of significance. My best catch here was a nice sized needle fish.
I was only here a week, so I'm sure I barely scratched the surface, but I found 2 spots from shore that I liked to fish. The first was a rock jetty / pier on the South side of Russell Island. I got lots of bites on bait along the rocks, but I didn't have the right gear to keep them out. Anything of size would run back into the rocks and get snagged or break me off. I finally connected with a nice mutton snapper by throwing a big rapala sinking stick bait across the water to the rocks on the other side. That way I was pulling them away from the rocks.
The other place I really liked to fish was at the Eastern tip of Spanish Wells (by the Shipyard Restaurant) where a small spit of land jutted out into the sea at lower tide. You really needed to time this right to catch fish. The water needed to be just coming over the flats (just as the tips of the grass were going underwater). I was there at the "right time" and caught fish (grouper, snapper, etc) on every cast for 30-40 minutes. I was also there at the "wrong time" and couldnt get a bump. Caught this guy on 4-piece 9ft rod rigged with a 6" rapala that I bombed a mile out. What a blast!
(Just a word of caution here, the raised spot I walked out to had deeper water behind me (once the tide came in) and apparently there were sharks cruising all around me (I saw the ones in front of me, but not behind me) and the waitresses at the bar were all freaking out when I got out of the water. As a fisherman, I understand that there are sharks in the water, but I was more cautious from then on.)
You could pretty much walk around the island anywhere and catch a cuda for the obligatory "hero pic".
I also paddled a kayak out to some islands off-shore and fished a smaller flat on the backside. We pulled up to the flat and my daughter spotted a school of fish before I even got out of the boat. She thought they were "baby sharks" because they all had their fins out of the water. I knew better. Took me about 30-40 minutes of stalking the herd, but I eventually caught my first ever sight-casted bonefish! Got this on a 4-piece 7ft rod rigged with a piece of shrimp on a small unweighted hook.
As you can probably guess, I had my GoPro with me at all times and took lots of video. I actually have the whole bonefish catch on video. Hope to have it processed soon.