Having never been to Venice, Italy I cannot comment but what I can tell you is I found El Gouna to be a great place to stay for a break in the sun, especially if you like kite-surfing & other wind-related watersports.
I have also visited Sharm El Sheikh and Taba Heights but I think El Gouna would be my choice over Sharm because of the street traders “hassle factor”, whereas Taba Heights was merely three hotels on a beautiful beach when I visited in early 2004 so I don't know how it would compare now. Although I did prefer the more natural beaches of Taba (with direct access over pontoons to the fabulous Red Sea with coral reef and aquatic life below). El Gouna's lagoon beaches (i.e. anywhere not naturally by the sea) are nice but seem to be more like builders sand (think Skegness beach rather than Ipanema)!
El Gouna seems to have been manufactured both literally and in a sense by a large Egyptian company called Orascom who bought the land, then decided to make it the premier tourist resort in Egypt. Instead of the Dubai approach of building man made islands they have created El Gouna's plethora of canals & lagoons by digging out the Egyptian desert along the coast so that a majority of the properties (both commercial & private) are near or on a stretch of beach or lagoon. It works very well (although can feel a bit fake or sanitised) and there are some truly stunning vistas for your perusal all backed by a mix of European and mainly Nubian style low rise architecture.
I mentioned it feels a little sanitised and that's because developers/owners seem to control pretty much everything from security, transport, development, amenities, property management (in fact just about everything you can think of)! I kept expecting the pool speaker near my sun-lounger to start giving me orders a la George Orwell's 1984. Don't get me wrong they do seem to have thought of everything there is a school, a hospital with specialist unit for diving injuries, mosque and church, library, museum, cinema, branch of the American University of Cairo and the entire town even seems to get fumigated for mosquitoes at 1700 hours local time each day but where do all the hard-working and no doubt poorly paid service industry locals live? I think they even seem to have a ban on local shopkeepers following you half way down the road badly quoting British TV show clichés at you (Sharm El Sheikh take note, its fun the first few times but normally I don't want your Lubberly Jubbly bit of tat even at Asda price)!
Even a real estate agent on the marina told me they are trying to make El Gouna as European as possible with nearly every shop, restaurant, bar and water sports venue offering prices in Euro s, LE's and Dollars. Of course with this comes the disadvantage that as they are going for the premium market prices are a little dearer compared with other Egyptian resorts but still reasonable really (I stayed All Inclusive but most restaurant menus seems to offer meals between 60-100 LE's).
All this omnipotence does have advantages though with a lot of restaurants participating in the “Dine Around scheme” whereby if you are staying in an “AI” hotel but fancy getting away from the buffet one night you can get credits towards your meal out from your hotel. Also the transport arrangements are excellent. 20 LE per week per person (approx £2.50) buys you a “travel card” which is valid for unlimited travel on the water taxis, shuttle buses and the rather flamboyantly decorated “Karachi Kabs” which I think are imported from Pakistan but wouldn't look out of place at a Liberace concert! The water taxis run every hour (subject to tides) and the shuttle buses/Karachi Kabs seem regular too, if a little tricky to predict. Tuc Tucs are also a very cheap and exhilarating way to get around.
El Gouna also seems to have an excellent website with great maps, plenty of information and pictures.
My family and I loved our stay here, if you are looking for a nice family beach type holiday I can thoroughly recommend it, although if you want a Benidorm type “Brits on tour” experience I think you should look elsewhere.