Whistler is quite possibly the best value for money you can find in Queenstown. The apartments are a decent size, with a sizeable deck outside, yes, the road is busy, but the bedrooms are generally on the side of the building away from the road and the traffic is virtually nonexistent from around 7pm onwards anyways.
We stayed for more than a month (I was there on business), and can't recommend it enough, excellent value for money if you're staying a while (about the only thing that'll beat Whistler on price are Hostels with a substantial drop in quality and comforts). These are apartments after all, with everything you could want from an apartment. Practically central, close to Supermarket, lots of parking space, clean, with fantastic management.
During our stay, I saw several rooms, and while they are in the process of renovating the rooms, some of them could've used a new lick of paint etc, but they are fixing the rooms up and have probably done all of them up already by now. There is no competition anywhere central in Queenstown at anything even remotely resembling the price bracket.