We just got back from a 5 night stay at the BCV (I'll post a report later if I have the energy!), and we took several walks over to the BWV while we were there.
As of yesterday (Friday) the only major renovation that seemed to be visible was along the MGM walkway side, facing the S/D. From what we could tell, almost nobody at the BWV will have their view affected by it. Guests staying at the Swan have a much greater risk of looking out and seeing the scaffolding!
That said, the work and workmen are not invisible. But they really seem to try to keep things as quiet and unobtrusive as possible. And the wonderful BW ambience is still there.
Judging from previous posts, they seem to be moving things around quite a bit. You may want to call and see if they can tell you what is happening where, and when. And of course, when you check in, let them know about your concern. Don't worry, have fun, enjoy! We did!