With the great introductory rates they're running, I'd pick the Waldorf. Otherwise, I'd pick the new Hilton at Bonnet Creek. Either would be so much nicer than a moderate -- and both are very close to the Epcot Resort Area (although I think you'll need a car). Take a look at the pool for the Waldorf and Hilton -- it looks gorgeous.
While nicely landscaped and themed, when all is said and done, the Disney moderates are tarted up motels. Bathrooms are exceptionally tiny, closet is a bar across the space with no closet doors, the sink is in the bedroom, the rooms are small although they seem bigger if you get a king bed. Yes, you're on-site, which is nice, but a motel is a motel is a motel.
Waldorf and Hilton are hotels!
We always rent a car because the thought of taking two buses and a monorail to get to any of the resorts for dinner is just too miserable. Whenever we've done it, a 5-minute drive turns into a 1 1/2 hour trip. If you must use the buses, on-site would be better.
EMH mornings are too early for us. We're on vacation! We were just at WDW two weeks ago and EMH evening was way, way too crowded. The one at MK ran from 11 pm to 2 am. By around 1 am the crowds finally slowed down and we could get on rides without waits. By then, we were so exhausted we left.
Far better than EMH is purchasing
MNSSHP or the Christmas one (although those only run seasonally). When people have to pay an extra $55 per person, many don't go. By contrast, EMH costs nothing extra, so everybody and their dog (so to speak) is there. At AK a couple of weeks ago, we waited over an hour during EMH evening to ride Kali River Rapids. There were no fans going and I honestly thought we'd melt before we got to the ride. The next day, the wait was around 30 minutes.
Add to that the fact that anyone can stay for EMH evenings now. Even if you're not a resort guest, you can shop, you can dine. You're not supposed to ride the rides. They try to check room keys, but it's pretty hard for the CMs to check room keys plus keep the lines moving.
With everyone able to stay and eat and shop, EMH evenings have lost any bit of exclusivity they had. The parks are crowded and we just don't see the value of EMH anymore.
So, I'd stay at the Waldorf!!!
Just my 2 cents.