take a freeride bike and do the glacier traverse. lift all the way up to the top at 3000m, cross the glacier towards Tour St. Martin, down to the Col de Tsanfleuron, turn left, stop at the café (don’t miss this out, you won’t regret it), down to Gstaad, up the road via Reusch to the Col du Pillon, back down to Diablerets on the footpath to the right of the road (go via Pont du something, I forget what). this is one of the definitive Swiss big-mountain freeride routes – not for beginners or xc bikes, but you’ll never forget it. Try to start early in the morning since that way the snow on the flattish part at the top of the glacier is hard enough to ride across. also, make sure you get all the way over to the Tour St. Martin before heading down the glacier or you’ll end up in a crevasse.
btw the conference centre in les Diablerets is pretty nice too – I get dragged there every 2 years…
as far as other riding goes in Diablerets, you’re a bit limited. certainly as of last summer there were no groomed DH tracks. However… Leysin (Swiss cup track) and Chateau d’Oex (site of the worlds in ’97, though the DH track is distressingly poorly maintained) are both under half an hour’s drive away. also Zweisimmern (another WC DH venue) is under 45 minutes away at a guess. lifts in these resorts should be open all summer. another 45-minute option is the funicular railway up to Rocher de Naye above Montreux – some great freeriding down from the Marmot Paradise. you’ll have a mad one.