The Old Key West Resort is a great place to stay in Disney. Me and my family have stayed here for the last two years and have booked for 2013. We stay in the two bed villa which ia basically an apartment but by Disney standards is very spacious.
It is basic compared to certain hotels but overall very good. I certainally recommend it with the Disney Dining Plan, it is fantastic value.

My parents bought into OKW in the 90s, when Disney was giving us free passes every year for coming down. It was awesome!
We always stay off Old Turtle Pond Rd., easy access to the bus stop but way in the back so it's quiet. There's a pool back there too!
The rooms are big, we usually get a two bedroom, which is a one bedroom plus studio. Huge kitchen with dining area, living room and balcony or desk overlooking the golf course or woodsy area.

My parents stayed here from 12/12 through 12/19 in a studio. We stayed with them the last night on 12/18 to make getting both couples to the airport easier. (We spent 6 nights at Kidani during our trip as well.) The resort is big and spread out. My parents had a 1st floor studio on Old Turtle Pond Rd, which was plenty room for them and even all four adults the last night. There was a cute and quiet balcony we all used during the trip. Their room was close to a bus stop, but not too close. The staff was very accommodating and friendly. The resort was pretty quiet. We did take a few boats rides over to Downtown Disney, which is very convenient. At check-in and check-out, the resort utilizes golf carts, so you do not have to cart your luggage or do the long walk to your room. This was my parents' second stay in two years. We may book a couple days here next year before moving back over to our home resort (Kidani) just to mix it up a bit.

We have been visiting Old Key West for more than 15 years. We are Vacation Club members and this is our home resort. We have had a lot of fun here over the years but this last visit wasn't all that great. We stayed for a week in one of the 1 bedroom units. Upon check in we noticed that there appeared to be some large stains on the bathroom floor. The stains appeared to be blood. We called housekeeping and asked for some bleach which they brought us. Also, the bathroom sink was TOTALLY clogged to the point it was unusable. We called maintenance to see what they could do. They said they would take care of it. They never showed up. We all ended up having to share the other sink for the entire week. Another problem. Not enough towels. We had 4 towels for 5 people. I called housekeeping and was asked "How can you need towels already, you've only been in your room for one day?' I explained that we had 5 people sharing 4 towels. That didn't really seem to make much of an impact as I was told I would have to pay a $6 fee if I wanted more towels. Whatever. Just bring me the towels.
We also visited the on-site restaurant, Olivia's. We had our parents come up for a visit and we all had Christmas dinner together. The service was horrible. We had to eat most of our meal without anything to drink. The waitress disappeared and the manager ended up having to come over and help take care of us. To be fair, a large party did come in just after us. But still not an excuse. The food was marginal at best. I should have learned my lesson from the last time I ate there. I got food poisoning from the chicken and was the sickest I have been in my entire life. Nothing worse than flying home and having to visit the bathroom in a panic every half hour.
I just didn't get that usual warm and fuzzy feeling like I usually get at Old Key West. Everything just seemed a little off. There was even a day I went down to the pool and it was closed. Instead of the usual "be our guest", I felt like they were saying "be our pest." I think next time I will be staying at The Wilderness Lodge which is one of my favorite Disney resorts.