Yes--the square footage of the two bedroom lockoff in phase 1 is very close to the square footage of the three bedroom in phase 2. I think the three bedroom will accommodate 10-11 while the two bedroom lockoff has a maximum of 9 and that is if you request a rollaway or aero bed.
I believe, although not 100% sure, that the three bedroom is actually a two bedroom unit with a one bedroom attached similar to a lockoff--haven't actually seen one but that is my recollection from info I got at an owners update.
Just make sure that when you purchase==resale==or direct that you buy in the season you want as trading is not that easy--for example if you own Platinum and want to go in gold you would need to wait till 8 months out and then be in competition with all other Starwood owners trying to trade in.
Also most Phase 1 units are fixed with the ability to float whereas almost all of Phase 2 is float so there you are not really ever guaranteed a particular unit.
In my case I own a 4th floor marina view in the reception building so if I go my "owned" week I always get my unit. In a float situation a unit number is really only on the deed for purposes of recording.
You will find a lot of useful information here so make sure to do your homework before you buy anything!