Dave:

I have done the Shark Dive where they feed the sharks in the Bahamas and I have done shark dives off liveaboards in the Bahamas. The last few times that I did the dive from the Nekton (which are now out of business) boats, they merely let you dive near the same site as the fish feedings. Seeing a shark was hit and miss and they told us to stay away from the shark feeding if they were doing it. The shark feeding dive was a different story altogether. If you want to see Caribbean reef sharks (and probably a nurse shark or two), the fish feeding dive is worth the extra $40. The sharks are attuned to the shark feeds and usually show up in large numbers. I can't disagree with you about the morality of feeding sharks but if you are just looking to get your money's worth, spend the $40.