Keep your expectations in check and you will not be disappointed. Just returned from a week (our first trip to DW) at the CBR (12/2/2004 thru 12/8/2004). Stayed in Trinidad South, which is the farthest "island" from the Custom House (Lobby) and as far as you can get from Port Royale (restaurant, food court, store (gifts, sundries, snacks, beer, liquor, pop, juice, etc) and main pool). Have we stayed at better resorts? Yes. Would we come back? Yes.
Transportation is great, even if it is difficult to get from Downtown Disney to a theme park or from one theme park to the other without going back to your hotel (hint: Go to MGM Studios and just before the entrance on your right is a path to the Friendship Boat water shuttle. It will take you to Disney Boardwalk and Epcot directly--then take the bus home from Epcot or a taxi from Boardwalk ($7)).
This is the slow season for traveling so we were met with no lines whatsoever in any park (including Universal Studios). Take advantage of the "Early Hour" program with each park.
Rooms are clean, plenty of storage, and ours had a free fridge. It had a nice Caribbean feel (we frequently visit Jamaica). Safe, secure, convenient to the parks and a decent value. It's Disney--everything's a bit pricey--but you already knew that, didn't you? Popular with the kids (we're childless and have just entered our 40's) but was still quiet and romantic. Some rooms have views of the Epcot fireworks, too. Pools are good and there are "beaches" throughout the complex that make for a nice place for some sun or a nap.
It's a big resort, but the distances from the "islands" to Port Royale are not nearly as long as the amount of walking you'll be doing in any theme park. From our "island" (remember--it's the farthest one away) it was not more than a 5-7 minute walk to Port Royale--easily manageable even after a day at the parks--and if you don't want to walk, there's an internal shuttle that will take you anywhere you want to go. At the end of each day, we would usually just have the park bus drop us off at the Port Royale stop, go to the store, food court, or restaurant (open until 11:00 pm) and then make the short walk back to the room.
We'd recommend this resort but we have also heard great things about Coronado Springs--it's in the same price category and less kids, if that's important to you.
Spend more--you'll get more, but for a mid-priced, you won't be disappointed.
Enjoy!!!