This was our first time in Maldives, and we found exactly what we dreamed of. Talking to more experienced fellow guests I learned that the accommodations in Maldives can be wildly varied, so of course what we liked could not be everyone's fare. To be clear: this is not a luxury retreat, but a peaceful place with white sand for floor in the bar and restaurant, where you can forget about shoes for the whole stay.

Admittedly, the trip did not begin at the best. We booked a speedboat because we were told that in busy times the wait for a seaplane can stretch to several hours. The boat effectively left as soon as we were ready, but unfortunately a storm forced us to turn back the boat after 20 minutes of scary jumps on the waves (the trip takes 90 minutes in ideal conditions). We had to spend the first night at Bandos. Also the seaplanes couldn't land on the rough water, however this is not common, so, even if the price difference is not so small, I'll recommend the wonderful 20 minutes flight over the much longer, and possibly much rougher boat ride. Be sure to book the seaplane well in advance.

The main strength of the island is probably the environment.

http://maps.google.it/maps/ms?ie=UTF8&lr=lang_en&hl=it&msa=0&msid=101584407840295389664.00046794d9987376cf686&ll=4.070135,72.945882&spn=0.004901,0.008771&t=h&z=18

The island is very small, completely circled at a short distance by a ring of coral reef that provides a warm turquoise lagoon. The reef is very well preserved (we've been told that the marine streams are a bit stronger here than on average, and this helped to moderate the temperature rise during El Nino that bleached the corals elsewhere). It is possible to swim around the whole external rim of the reef in about two hours.
The beach conditions are not uniform around the island. When we were there, the south-eastern side was somewhat eroded with some visible sand sacks, while the western point was more sandy compared to the image captured on Google Maps. However, you'll never need more than 50m of walk to find a perfect spot.
From the outside, it looks almost a desert island: lush vegetation hides the rooms (no overwaters here) and minimal lighting lets you enjoy the night sky.

The 46 rooms are spacious, but not very recently renovated and the bedding was not exceedingly comfortable (we had a "triple bed" for me, my wife and our 3-year old child, and the three mattresses were all of different height and softness). There is air conditioning and fridge. I loved the maldivian bathroom (i.e. without roof): showering under a breathtaking starry sky after a hard day sunbathing is a unique pleasure. The solar-warmed water was always available, even on cloudy days.

The resort is managed by different tour operators throughout the year: during the high season (Dec-Apr) it is currently managed by the Italian t.o. Azemar. They provide almost no animation (which is perfectly fine for me); there are stretching sessions and guided snorkeling tours twice a day, baby dance in the evening, and many half- or full-day tours to choose from during the week. The staff was always available and friendly. Snorkeling outfits can be borrowed at no charge.

There is a diving center offering a packed program of morning, afternoon, and night dives, both at nearby locations (10 minutes by dhoni) and at the opposite side of the Ari atholl (2 hours away), where thanks to the right season and a bit of luck I was able to find the spectacular mantas. The staff takes care of all your stuff, your only duty is to sign on for a dive and meet your fellows at the right time.

The restaurant offer the classic hot and cold buffet food, but every day there is something unique prepared by the great Srilankan chef. Italians like me can be quite picky on food, but I never had a reason to complain, either about quality or variety. The staff is very attentive, especially regarding children's needs.