The are now confirming the BWView - so if you rent enough points for a preferred view, you may be able to get a confirmed BWV. It will be the same number of points as a SV. May because these rooms go fast and you may end up paying the same number of points for a view of the MGM canal.
Are their bad BW Views? Well, I think I'm the wrong person to talk to, as I was unimpressed with the whole shebang. I didn't think it was worth the hype. But you won't look at a dumpster or a service road. You may end up looking at the courtyard rather than directly on the BW. There are some "bad" perferred views (pool/water/garden views). The roof of the service building, I believe a dumpster view, the service road.
(I'm possibly also the wrong person to talk to because I think members should have first dibs on the rooms with a decent view, and that those renting rooms through CRO, or through II exchanges, or staying as the guest of members (paying or otherwise) and not traveling with the member should be the ones looking at the dumpster. I would give guests of members a break and give you priority over CRO and II exchanges).