I went to Cheval Blanc in February couple of observations - the villas are outstanding both in terms of space and quality of design / furnishings. Butler service is ok and I suspect will improve over time. Food is the best I have eaten on a tropical island but it all comes at a cost. You really have to be prepared (you might not need to but you need to be prepared to) budget for £1,000 per day on food and beverage with the odd spa treatment. To give you some examples - dinner in the Japanese Restaurant was $810 for 2 with drinks , bottle of water $14, large gin and tonic $45 and my personal favourite - a half bottle of gin in the mini-bar $235.
But taking everything into account would I go back - absolutely!
Let me know if you need any more information