I stayed there a year ago this March. We had a good time but the waterpark was absolutely packed. You had to get out there early to even find a chair.
My DD was 12 at the time and we were there with a friend and her 5yo. The waterpark was fine for both kids. There are 3 big slides but 1 was closed and 1 was too scarry for my DD. Both kids went on the 3rd one. The covered area of the waterpark had much warmer water than the outdoor area and big slides....that water was cold. The lifeguards are VERY vigilant....they miss nothing and pull kids out of the water at the first sign of anything. Plus, there are a ton of them. We were rather surprised to constantly see kids that were not being watched by parents....thankfully the lifeguards were watching.
Over all we liked the resort. The staff were all nice and the quiet pool was right outside of our room. We had an issue with a water leak in our room and they were on it within about 5-10 minutes. We got a deal through the hotel link on wdwinfo.com which made the room $70/night plus the daily resort fee of $19. To be totally honest we felt that that was really all this place was worth. The full rate for that week was $120/night +fee....if we had paid that we would have been unhappy.