We stayed at OKW last year and were thrilled. We had driven through in April '01 when considering a DVC purchase and thought it was too far from the action and relatively unimpressive from the exterior. We quickly changed our minds after we walked in the door.
The rooms are huge. The 1-bedroom has a full size kitchen, a big living room, full-sized laundry room, jacuzzi, etc. Since you'll be on the sleeper, you won't get to enjoy the huge master bedroom, but there is plenty of space. The resort is also one of the most relaxing places in WDW. Our huge balcony overlooked the golf course and a nice fountain. We enjoyed the breakfast at Olivia's and thought the counter-service food at Goode's was pretty good too.
If you compare it to one of the monorail or Epcot deluxe resorts, it will feel sort of out of the way. You have to bus to all the parks (boat to DTD) and there aren't a lot of restaurants or nearby nightlife. We thought this was a great trade for a wonderful, quiet, and relaxing atmosphere.