Just left and sitting at MLE airport.
Will probably put together a proper trip report in due course.
High points are the quality of construction and space and layout of the over water villas. I don't see at all though why an effectively smaller beach villa would be more expensive. I absolutely would not be happy in a beach or garden villa which compares very closely with a villa I had at the IC Samui over Xmas.
The staff are on the whole a good and cheerful bunch too.
In most respects it is a resort head and shoulders over the Conrad Rangali and most aspects just reek of high quality.
The downside was the rather limited dining options especially on the one wet day we had, There is simply nothing beyond room service in the evening if you want relatively plain comfort style food. We tried every outlet and thought that Decanter was both the best value and clear dining highlight of the stay. This was closely followed by Cargo which was opened just for us and was effectively private dining. Dinner at Alba was a bit meh, and Orientale was reasonably good value but with chaotic service. The Whale bar had good quality but the most insubstantial and most expensive tapas style meal I have ever eaten. It was good but wasn't good value. The bar itself was great however especially the music, ambience and locally developed cocktails.
The Alba breakfasts were superb as was Crust for lunch (for what it was). The Spa was also great and I wish in hindsight we had spent more time in it.
Sadly I think it will be a while before we return but we did love the place and for the quality of the villa alone would give it 5 stars and the Conrad 4. We came it at a smidge under the expected $1k per day which was fairly pleasing.