Yes. it is amazing.
I went to middleton and elizabeth reefs back in December 2004 on route to lord howe for my first visit. My first blue water sail. The Boat was Sula II, a Muira 31' which we later sailed all over the pacific, Until we bought Santana in Tonga in 2009.
Amazing! the fish looked as though they had never seen a boat before and followed the tender around, Galapagos sharks everywhere, the odd wreck above the reef is the only dry land, not another boat to be seen...
The first photo below is Middleton and second is Elisabeth, third is Balls Pyramid...
Caught this bugger, Black Cod I think, on Elizabeth reef. He was hanging around trying to snaffle the blue cod one of my crew members was catching so we decided to try and catch him. He took the bait immediately. I had to lift him out with the boat hook to photograph him and after we put him back he came straight back for another shot!
It is a truly amazing spot. The guys on Lord Howe recommended it if we were not in a hurry and it was really worthwhile doing. We kited on the lagoon on the inside, not many people will have done that. There is a tiny sand spit which was exposed and some rocks on the north western tip but that was about all. The Lord Howe guys reckoned that Lord Howe would fit inside the reef it is that big but because there is virtually no land visible it is very difficult to gauge how big it is when you are on it.
They also warned us about sharks. My other crew member doesn't kite but is a keen diver and he took off into the lagoon whilst we were on top of it but came out fairly rapidly! He said that there were hundreds of sharks and they were all very curious.