I just came across an alternative way to island hop in the Bahamas--the mailboat option (pic). These are slow boats that leave from Nassau and travel to the Out Islands.
Mailboat journey times can vary from 5 hours to 21 hours, depending on which island you're visiting. For example: Nassau to North Eleuthera and North Andros takes approximately 5 hours, and costs $30-$40; Nassau to Abaco takes approximately 12 hours, and costs 40; and Nassau to Long Island takes 15 hours and costs $45. The long-distance trips are not for me, but they show an interesting side of the Bahamas that few visitors see.
The Commonwealth of Bahamas publishes an updated mailboat schedule with sailing times and fares.