My wife and I visited in May/June, and we landed in Mahe around 1pm as well. We found that the boat ride over and back were not that much fun, but I think it will all depend on the weather conditions. We had some pretty windy days, but I have to say that a little seasickness was MORE than worth it. Labriz was one of the best Hiltons we've ever visited (though we didn't check-out Northolme, so I can't offer any insight there). We even chose to renew our vows at the resort on our five-year anniversary, and the resulting pictures really were breathtaking.
If you do decide on Labriz, take a cab from the airport to the ferry dock and ask them to stop at a store to pick up some snacks. My wife and I got some fruit, some mixers for our duty-free liquor, and some potato chips for cocktail snacks on our deck each night. It was a truly MAGICAL stay.
Either way, enjoy!