Yes, it depends. For us, the one year we stayed club level at the AKL it was. We had been to WDW several times already, so were planning on spending a lot of time at the resort. It was also at a busy time (VERY BUSY!!!), so we'd go to a park for a couple of hours, then back to the resort to swim and relax.
If you're going for the first time, and you plan on spending a lot of time at the theme parks, it may not be worth it. We did enjoy the evening wine and appetizers, but if we were at the parks, that would be a waste. I also enjoyed getting up before everyone else and having coffee in the lounge, while they all slept in. But, I can also make coffee and sit on the balcony and do the same thing in a regular room.
For us, that trip we also had lots of dining reservations planned, as well as an illuminations cruise on Breathless on New Years Eve, so the concierge staff got all that booked for us.
You have to think about the plans you have for the vacation, then factor in if it's the type of room you want. For our family, a villa at the Boardwalk or Beach Club is the most ideal - but our budget sometimes dictates the Swan or Dolphin (we like that area best). We did enjoy the Boardwalk resort as well - the room was nice, and that year we got the "free" dining plus room discount, so it was a great time.
If I were going to to club level, and money were no object, I'd probably look at the Grand Floridian main building. But, I still love the Beach Club and Boardwalk area - just their club level doesn't look as nice (we love Ritz Carlton club levels, so that's our comparison). The food was amazing at AKL, but I saw in another post that resort has no appeal to you. It's also a bus ride to get anywhere from there.