I recently (March 2017) stayed at Cheval Blanc Randheli for 7 nights, and was very, very impressed. All around, it's the hands down the best stay I have ever had at a beach resort.
The hardware is sensational, particularly the Beach Villas. They follow the extensive prep list you fill out perfectly, so that everything in the villas is customized to your preferences, and is very generous -- wonderful minibar, daily delivery of baked goods and fruit platters, impeccable housekeeping, etc.
Butler service worked beautifully (and this is perhaps the only stay anywhere where I would say that), so that we developed a relationship with our butler and he knew and acted on our preferences -- her was top notch, having been trained by one of Lady Diana's maids.
Food, as always in my experience at such resorts, was uneven. The menu so large, since the average stay is 2 weeks, but I'd prefer a smaller menu with more consistent quality.
Snorkeling was pretty good around the island itself (we followed a Spotted Eagle Ray for a while), and within a 5 minute boat ride you can get to other snorkeling spots that are also decent. The issue, though, is that the Maldives have gone through two (!) years of coral bleaching, so like so many parts of the world, the reefs have been damaged.
But again, the service, the amenities, the design are brilliant, and I can't recommend the place more highly -- it is world class.