For me it would depend on how much time I'd spend in my hotel room. If I think I'm only going to be in the hotel for sleeping and eating I'd probably save the money to spend on something else. But if I'm going to be in the hotel a fair bit, especially in the evening when you can look across the lake to other hotels and Disney Village, a lake view is nice. At Christmas we had a 7th floor lake view room in the Hotel New York (directly above the ice skating rink), and I did spend some time looking out of the window and enjoying the view.
If you decide not to go for the lake view, standard rooms in the Sequoia Lodge are fine. You should be aware there there are several outlying buildings with guest rooms in as well as the main building. The restaurants and other facilities are in the main building, and the pool and leisure facilities are in one of the outlying buildings. For a previous visit we requested a room near the pool building, which meant that popping in for a quick swim was a relatively short walk.
Regards
Rob