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It depends when you want to go.
Off season is the best for cheap stuff.  Christmas/New Year is high season in Sharm.  Also July to October.  
Apart from that you can get some great deals.  I went for a week in June, stayed in the Hilton and paid £350 for flights, accomodation and ten dives with Emperor.

If you want to go before Christmas or after new year you should be able to get some good deals and I know Emperor will be doing deals like buy one (5 day dive package) get one free or half price depending on the time.

http://emperordivers.com/

http://www.regal-diving.co.uk/specials.php3?dt=redsea
 
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