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Unlike the "private island" resorts that are very tiny, you can spend half the day exploring the resort section of the atoll on bicycle. Just note that Manihi residents do not set up fences or define property lines, so be considerate and respectful to the residents.
A note about the beaches of Manihi. The beaches facing inwards, towards the lagoon, are almost picture perfect. Relatively calm waters and traversable beaches. The outward facing beaches are the complete opposite. These beaches are made of jagged coral and are under the constant beating by the Pacific Ocean waves. Amazingly beautiful, but traverse with caution.