Am a BWV owner, have not stayed at VWL but have stayed at WL a number of times. The villas from their design charts are the same size at both places except that VWL has no Grand Villas. The choice depends on what you prefer because the two are very different. WL is in a heavily wooded area that gives it a quiet feel. Its design and theme is most impressive--the feel of being in the early 1900's in a national park. It is not really close to a theme park but is more convenient than BWV to MK. It is also within walking distance of River Country, a waterpark (there have been rumors that River Country may be converted to the pool for FW and WL).
BWV is ideally located within walking distance of both Epcot and MGM and over 20 restaurants (at the Epcot resorts, Epcot and MGM). The boardwalk is a lively place in the evening with games, performers,and sometimes a DJ or other music outside. You also have the ESPN club, a nightclub, and a dance hall. Personal view is that BW is the best resort on site but it is geared towards those who want to be close to high activity rather than tranquility