It will be interesting to see what happens with this. Considering there will be no rooms, only villas; I see villa rates probably starting around $1000+/night (my guess) it will be a great place to use points. Of course there will probably be a huge point premium since there are no standard rooms at this hotel. I was in the Maldives last year and stayed at the Sheraton Full Moon resort which was $550 per night for a hotel room; for months I checked weekly to see if rates would drop, they never did. The airport hotel was the least expensive hotel at around $440/night, but hardly a resort setting. Rooms at the Conrad start at $1000/night.
My stay was only for a 1 night stay before boarding Ocean Dancer for 10 days/nights of diving. If you dive, live aboards are the way to go in the Maldives both for the variety of diving and also for the cost. About $500/night but that included food, beverages and wine at dinner, and all your diving.