I've been to the Waldorf in Cabo recently and to the Maldives but not recently. If I had a choice, given comparable distance and comparable prices, I'd go to the Maldives. Do keep in mind that you must factor in the time and cost to get to whatever island the hotel you're considering from Male, the gateway to the Maldives. That can add a lot. Where I think Cabo has an edge is the great food scene. Good food will be more affordable compared to the Maldives where you are confined to your hotel. That's a nonissue for your small children.

Distance definitely factors in when I am considering travel. I've been to the Maldives and French Polynesia. I'll return to French Polynesia because it is easy to get there from the west coast of the US. But I go to Cabo frequently because it is such a short distance from San Diego where I live, not because it is the best destination.