We just returned from 1 week at Cypress Pointe - 6 nights in Phase II (CPGV) and 1 night in CPR (Phase I). We have always stayed in Phase II and LOVE it - DFIL owns there. I was anxious to see CPR for ourselves and finally had the chance due to a booking mistake on DFIL's part. I'm glad we had only 1 night there - we didn't like it at all!
The 2nd bedroom was extremely small - our boys are 12 and 14 and couldn't even move in there. The kitchen and living room areas were also smaller. The worst part for us was the open bathroom in the master bedroom and lock-off 3rd bedroom. I love DH dearly but I also want my privacy at certain times! The shower (glass doors) and tub are "in" the bedroom and the toilet only has a small dividing wall - no door!! We will never stay there again!
We also enjoyed the pools at night much better in Phase II. Not as many people and the hot tub in one section is so much bigger. The mini golf course and activity center are also in Phase II. As a PP mentioned Phase II also has elevators.
In Phase II the master bedroom is closer to the 2nd bedroom - just walk through the living room. I also agree that the 2 bedroom is perfect for a family of 4-5 people. Maybe have your parents use the 3rd bedroom (lock-off) while you're there. My in-laws did this when our kids were young - they loved going to the parks with their grandchildren and it's much easier with extra adults. They would also babysit for us 1 or 2 nights so DH and I could go out to dinner. We all have wonderful memories of those trips together, especially now that DMIL has passed away.
Sorry this got so long - I love CPGV and have stayed there at least 10 times. After 1 night at CPR I will never go back (just because of the layout).