We love first floor, as we can just stroll right onto the beach. We've never found that people are particularly nosy when we're sitting on our first floor verandah, but then again, we're pretty boring when we're sitting on our verandah!!
If you're looking for more privacy, then the 3rd floor room is nice - it's generally just above the tree line, so you'll have a decent view of the ocean.
We've had 1st, 2nd, and 3rd floor rooms. I used to love the 3rd floor rooms for the view and also because no one is above you so it is quieter. The first floor room was great because it was easy to come and go (no stairs). However, we like to sleep with our verandah doors open at night and we weren't comfortable doing that in a first floor room. The view from the second floor rooms can be quite obstructed, but we had a great view in January (we were in the last building before you get to the Great House). So it really depends on you!
You really aren't going to get more private on the first floor. My other pic was too big to post here but 4122 is jyst steps to the Sunset beach bar and 2 buildings down from the swimup pool bar. Any of the bfvs are going to be close to a bar or not far from the pool or hot tubs. Hope this helps.