My better half and I spent 7 nights here back in March 2020, and just finished an 8-night stay a couple of weeks ago. This time we stayed in a reef villa on points, and our room was on the odd side of the island in the 500s range. I thought I'd share some of my thoughts on what was better, what was worse, and what was simply worth noting, in case it might help anyone.

Better

• The arrival and departure processes both went much smoother this time around: we were taken directly to our room this time upon arrival, whereas last time we had to spend maybe 20-30 minutes in reception handling card formalities and waiting for the front desk staff to do whatever it is they do. Departure this time took about as long as last time as they had us leave our rooms about an hour before the yacht left, but we were offered a free drink whilst we waited.
• We had to swap concierges mid-stay last time, and this time we had the same person the way through. Despite my general distaste for the app's owners, we also preferred the use of WhatsApp to connect with our concierge this time around to using the "house mobile phone" setup they had 2 years ago.
• Honors happy hour this time was a bit more generous in that there weren't just a couple of drinks from which to choose every day, so you could order from a more varied compendium of options. Plus, the service this time was exemplary—the best service we got at any restaurant, and we got it every day. It may partly be due to the fact that we tipped US$5-10 each day, which I suspect most people don't do. That said, last time we were here the daily menu had "featured" drinks which rotated every day, and we did miss getting inspired to try different drinks each day.
• Li Long and The Ledge were both better this time than we remembered them being last time. We avoided the duck at Li Long and were happier for it.
• We didn't do in-villa dining the first time around, and this time we did it thrice—I would highly recommend it. You can pick from many items at the restaurant menus, and the setup they provide is great—it truly feels like a private dining experience. The ambiance of the waterfront at the reef or overwater villas adds to this, and the lack of a tray or delivery charge puts the in-villa dining costs more or less on par with the restaurants. We highly recommend having at least one dinner at home.
• We didn't get any rain this time around—if you're looking to avoid any rain, January is better than March in the Maldives.

Worse

• The bikes are in awful, awful shape. As in, the resort needs to scrap the lot and start over, and would be well advised to have at least one maintenance person trained on how to do some basic lubrication to keep them from turning into rust heaps quite so quickly. I know that the salt air is going to take its toll no matter what, but these bikes are mostly no longer fit for purpose (handlebars loose, gears don't work, seats don't change height, pedals falling off, etc.). The concept of having bikes marked for specific villas also seems to have gone the way of the dodo—it's more Lord of the Flies now, and you'd be well advised to park your bike at the far end and as inconspicuously as possible if you happened to find one you like as otherwise it may well roll itself away whilst you're eating/swimming/drinking.
• Along the same vein, the general nick of the room has definitely declined. We noticed early in our stay that the front door wouldn't lock shut—they did fix it quickly, but it was emblematic of the island getting a bit of age. Nothing (aside from the cycles) was downright busted, but it's showing more age now than 2 years ago.
• It was bloody windy the first half of our trip, which made it very difficult to snorkel without repeatedly getting snorkelsful of seawater. A couple of nights it was so blustery that we were awoken in the middle of the night by the wind and surf.
• We value privacy and peace most of all, and we found the beach villa we had last time (odd side of the 600s range) to be a much better option for our requirements than our reef villa (odd side of the 500s range). While being able to snorkel off of our patio was very nice, and used every day, we didn't mind going down to the beach from our villa last time whether for snorkelling or a change of scenery. When we return we'll definitely be asking how much the upgrade would be to a beach villa.
• We were really impressed with the uniqueness of the menu and interesting flavours at Glow last time; this time Glow was a big disappointment and we ended up going for in-villa dining instead of going back.

Perhaps worth noting

• Both times we went we both arrived and departed on red-eye flights, and were allowed both an early arrival and late departure in both cases. To me, this is excellent service and was very much appreciated.
• Occupancy was substantially higher than our last trip. Whereas in 2020 it felt like a private resort, this time we found the road much busier, and restaurants much fuller. This is nobody's fault per se, so not listed as "worse", just... worth noting.
• We booked almost exactly a year ago, and since then the yacht transfer price went up. We had to point this out to get the charge fixed on our folio. While it was an easy process, it would be easy to miss if you didn't know to look, so keep your eyes open.
• We didn't get any Honors points for our (non-insignificant) ancillary spend. I'm running that down now, but it's a bit of a pain to have to fix and I wish it had posted as expected, like it did on our first trip.
• This has been mentioned before, but don't get the set menu at Yasmeen, it's way. way. too. much. food.
• Finding a table at breakfast that wasn't near a family with a kid watching a tablet on full volume was surprisingly difficult. I'm certain they couldn't specify where such families could sit, so I think the hotel needs to set aside one room or area as a "quiet" area where people looking for peace can opt-in to a quieter experience. We would have requested it every day, and it would have been much more peaceful.

I'm sure I'll think of more, but for now that's all I can think of.