I am traveling in August with 4 adults and 2 toddlers and we are staying in a 2 bedroom at VWL. They have a lot more space and the kitchen is helpful. Also when the kids go to bed we can actually still hang out together without disturbing them. I would go with the 2 bedroom.
I'm going to dissent, unless you plan on cooking. Three bathrooms are better than two --- much better IMHO --- and with toddlers I like being that much closer to the Magic Kingdom.
The washer/dryer and full size refrigerator in the villas is another nice advantage. But I would pick VWL, BCV, or OKW (low points, huge rooms) before SSR myself.
I think it would depend on the makeup of the 5 adults for me. Someone would be on a sleeper if you do a villa other than OKW which has 2 queens in the second bedroom (there are also 25 BCV dedicated queen units). And three adults would be sharing a bathroom. That works great for some of us but I know it doesn't for others. If your adults are young men, you'll be fine. If it is 3 young women, not so much. In that scenario, I'd do 3 rooms.
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