Here now and we're having a great time on our F & W trip. Although you can see some wear and tear, I still think it's a beautiful hotel with comfortable rooms. We have had no complaints.
It is pretty quiet, especially compared to some Disney resorts and hotels we've stayed at in the past. I can hear the horns of the friendship boats, but as another poster said it's kind of nice and not at all loud.
It pays to be a Starwood Preferred Plus and doesn't take much extra effort (AAA attached to Starwood Preferred membership). We got an upgrade to resort view and it's very pretty to look out the windows.
The pool looks beautiful- no algae problems anymore. We haven't had time to swim, though for us Floridians, the water feels a bit cold anyway.
F & W was great. There were some people that looked like they had been drinking, but no "frat party" feel that I noticed. We didn't stay long in the evening only because it was so crowded and our kids were very tired.