I stayed in Velaa Private Island back in March. I agree with what the OP said about the villas, absolutely no expense spared on these magnificent rooms, probably some of the finest I've ever stayed in (though more my husband's taste than mine). The service was faultless though I'll echo the OP that it was incredibly formal and somewhat cold - we prefer more friendly and chatty service.

The spa is also stunning and managed by Clarins so it the products and treatments are excellent.

My problem with Velaa is the pricing - now of course we knew how much the rooms would be when we booked but I wasn't prepared for the outrageous cost of the food. A meal came in much more expensive than some of the three Michelin star meals I've had in London or New York. I was expecting pricey but not this much. Velaa smashes all other hotels that I've stayed at in terms of the price for any extras.

I wouldn't have minded if I'd have fallen in love with the hotel but I didn't due to the service and the general atmosphere of the hotel.

You can read a full review of the hotel on my blog:
For room descriptions: Arriving at Velaa Private Island: The Most Luxurious Hotel in The Maldives - SilverSpoon London
Amenities: Beyond Luxury at Velaa Private Island in The Maldives - SilverSpoon London
Food: Exquisite Food and Total Romance at Velaa Private Island in The Maldives - SilverSpoon London

On the same trip we stayed at Gili Lankanfushi (a favourite on here) which had a relaxed and friendly environment and the Butlers here were warm. I much preferred the atmosphere in the restaurants and public areas. Rooms are more rustic luxury (my preference) as opposed to the elegant style at Velaa. I would personally recommend Gili Lankanfushi over Velaa.

Again my blog review of the hotel:
Rooms: Arriving at Gili Lankanfushi: A Barefoot Luxury Resort in The Maldives - SilverSpoon London
Amenities: Eco-Chic, Rustic Luxury at Gili Lankanfushi in The Maldives - SilverSpoon London
Food: Organic Eating and Eco-Friendly Growing at Gili Lankanfushi in The Maldives - SilverSpoon London