I just posted a long review on TA but I know that this resort is of interest on FT, so here are some highlights:

Overall, this is a spectacular hotel in a magnificent setting. Since it was our first trip to the Maldives, I can't compare it to any other properties, but I'm guessing it is in the top handful. With prices to match, of course.

Clearly a designer was given an open check book - not a detail was missed and the market was cornered on tall vases that are simply everywhere, turtle logos galore, swings in bathrooms, rocks in lighted lanterns, etc. However, as appealing as it all is to the eye, form definitely trumped function - I would have preferred more surface space in the bedroom, a more comfortable sofa and some hooks. Still, the landscaping and visual appeal is A+.

Although the service was fine and our butler, who was totally in charge of everything, did a solid job, I did not find the service as consistent and warm as that at, for example, Amanpulo. As well, I truly dislike the growing custom of forcing guests to be dependent on iPads to find out anything about the resort.
I had to look up all of the restaurant times and operating days to make a grid to figure out a plan only to find out that the information on the iPad was incorrect. I just never felt like I knew easily what the options were and it would have helped to have them in one place in writing or on signs, etc. The butler rattled off information, but it took effort for me to organize it.

We were impressed by the effort to have a wide array of food and they spent big time on the venues - maybe more than necessary. One offers only a tasting menu, which I don't enjoy in tropical locations. We did enjoy our meals - we tried all the venues - in general.

Our party had sunset and sunrise villas - the former are a bit larger and more private; the latter has better snorkeling off the dock. Both are large, with
huge bathrooms (swing included and great Clarins amenities), living room and bedroom. Mini bar for a fee plus a nespresso machine. There were villas and houses on the beach - did not see them, but not all of the beaches are not created equal, so I'd check on that plus proximity to the sea plane dock, as that might be noisy if I was staying on the beach. One large house was also set in the water and another smaller one which required boat transport. Frankly, seemed like it would be a nuisance.

Getting around required a call to the butler or a bicycle. The bikes were not always easy to ride on the sand covered roads and the staff doesn't tend to give way, which forced a few of us into deeper sand and off the bikes. Walking distances aren't that far, but it was very hot and that wasn't a good option during the day.

Lots of activities compared to other Maldive resorts - tennis, badminton, short hole golf/academy, squash. Very few seemed to be in use, probably due to the heat. As well, the pricing rankled. For example: tennis court rental $80/hr or $120(!) with racket rental. Similar for badminton and squash.
This is an example of the little gouging type things that seem unnecessary when the basic rate is so steep. Such things were found in abundance.

We enjoyed our time here and are glad we selected Velaa. Still, the service and experience didn't quite meet expectations or price point.