Cebu city, just like other cities in philippines, it's not a place that worth to stay more than 2 days.
Tourists come here for few historical spots and going to Bohol or Mactan. I took a plane to cebu from davao, then stay in cebu business hotel, which located at downtown area, easy to go every historical spots and piers to Bohol by few minutes walking.
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The airport is at Mactan island, taking taxi to cebu city is the way by most people, the meter taxi from airport to cebu city would cost you around P150.
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Walking to those tour spots, Cebu Cathedral, Cross of Magellan, Fort San Pedro
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The night life in cebu is pretty nice, you can go out and looking for any pub u like, or go to waterfront for classic music.
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The first ferry to Bohol is at Pier 1 at 6:00AM, round trip ticket is about P 500~600,and take 2 hrs to bohol. Dont worry about the trip in bohol, there are some guides just waiting you out of pier when u arrive bohol.
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The beach in bohol is nice, better than in mactan or cebu city. You can spend one night in bohol beach resort. The day tour in bohol is nice, and u have to hire a car for the day tour, price depend on how many person.
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The resorts in mactan island are big and private, they have wide and beautiful swimming pool and restaurants with small and man-made beach. Most of those resort beaches are not so nice and pretty. However, shangrila mactan resort is worth to go around.
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Shangri-la Hotel & Resort
http://www.shangri-la.com/
Oceanjet Ferry
http://www.oceanjet.net/