Just finished a 5 nights stay at the W in Maldives, the property is still amazing and does not show signs of aging, great staff, amazing diving centre (though no starpoints on activities there as it's managed by a different company). As for plat recognition they provide 20% discount on all restaurant and 30% on the spa (gold members also get discounts but a bit lower) - no other significant benefits, I was told they usually do not upgrade anyone - we booked into the OVW villa which is their highest standard room category, but they were happy to show us a couple of different villas so that we could pick the one we liked most based on privacy, distance from island and sun.

The house reef is still very good (we were able to see a couple of turtles, baby sharks and tons of different colorful fish), though as per what the staff said it has also been affected by the bleaching in last few years like at most other resorts in Maldives.

Haven't been at the StR yet, hoping to try that one out this summer so can't really compare, but I'll be more than happy to answer questions regarding the W.