We went to see all the rooms at Velaa except for the Romantic Villa, as it was occupied and for some unfathomable reasons me being there wouldn't increase the romance. We were actually staying in a 2 bedroom because the Deluxe Beach were all under maintenance, so they upgraded us. It's the same as a Deluxe, just with a double pool, gazebo, and naturally a second bedroom.
I saw a lot of people mentioning that at Cheval you should take room 46 or 47 due to the extra privacy, but perhaps it was due to low reason and therefore low occupancy, I never had any issue with it - we swapped rooms, so tried both an Island Villa and Water Garden Villa. I would not consider any of the rooms at either resort entirely private though (except maybe the Villa's Owner on Cheval), whereas at Soneva Fushi our room definitely is.