I have fished off some of the reef points on the North Shore and catch many tasty fish. The last was a broom fish about 6 lb. I even caught a barracuda once but it bit off the leader in a hurry. All my fish were caught with cheap bait - just bread from supermarket. If you go to any reef point, you can cast some bread out to see if you will have a good day. If you are lucky, lots of reef fish will come up. There are a lot of Nenue (Bai Mao) which are good fighters. Locals catch them to use as bait for their Ulua fishing (Giant Trevaly). If you are lucky, a broom fish will come up. Use a short leader and a transparent egg-shaped float for them. They take it at the top water and it is very exciting to see them gobble up the bread. Once I hooked into 8 of them and lost them all, because I could not haul them up with my trout szie Wal-Mart outfit from a high point of the reef.
Sometimes some unknown monsters will strike and lines just peel out like crazy. You usually lose those to the rocks. If you like fishing with lure, you can try casting some spoons or top-water lures for the papio (small jacks). They can go up to 10 lbs. Last year I saw a school of them went by and I didn't have my lure set up. Last year I also saw a huge manta ray glide by. What should I use for that?

Night fishing can also be very good. You need to use squids or small bait fish for that. If you are really lucky, you can catch some tasty & expensive fish like the priced Kumu (a red goat fish) that will cost $30+ per lb to eat in the restaurant. If you like the pelagics, then you need a boat or have to charter or share charter. Those charters off from Haleiwa seem to have good catch for fish like dophins (mahi mahi), wahoo (ono), tuna (ahi), even marlins. You may want to look at some of these sites:
http://www.chupu.com/http://www.kuuloakai.com/http://www.google.com/maps?hl=en&lr=&rls=RNWE,RNWE:2006-17,RNWE:en&q=charter+fishing&near=Haleiwa,+HI+96712&sa=X&oi=local&ct=titleGood luck and Alooooooha!!!