These units are all individually owned so there may be variations. We were in unit 5404 (3BR) on the top floor. It was a very spacious unit with vaulted ceilings. It wasn't as luxuriously appointed as some units we've stayed at in Beaver Creek but for the price I was quite pleased. The kitchen was well stocked with nice dishes, glasses, utensils and top notch appliances, both large and small. It also had cable with all the premium channels. Our only legitimate complaint about the actual unit was the master BR bed. It had a Sleep Number bed for which the owner had hidden the controller in the owner's locked closet. It took us two days of miserable sleep on a rock hard bed to get management to find the controller so that we could soften the adjustable bed.
As for the location, Water House is part of the larger Main Street Station complex. The actual Water House building is tucked in behind so the pool and hot tubs are a ways away. As such, we didn't use them. The location is very convenient to all the shops and restaurants on Main Street. As for skiing, getting to the slopes is a bit of a pain. First you have to get to the storage concierge area which is a bit of a walk to an adjacent building. Then you have to hike about 200 yards, up a flight of stairs to get to the lift, carrying your gear. Not the end of the world, but not ideal either. We prefer true ski-in ski-out but we booked too late.
In summary, what we paid represented good value compared with what we've paid at other resorts. If you don't mind walking to the lift and are fine with no amenities (hot tub, pool, gym,front desk) in your actual building, as opposed to an adjacent one, then Water House is worth considering.
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