We were just down there over Christmas/NY week. They had plastic and scaffolding up over a pretty large part of one wing. In fact, we commented on how many rooms must have been out of commission at a very peak time. Not much work seemed to be going on, probably because it was holiday time. It certainly did not disturb our stay in any way at all.
I think they are improving the "show quality" (new paint, minor repairs, etc.) of the BWV. You might remember that they did the same hting about a year ago on the Inn side and even on the porte cochere.
They are repainting the outside. The original paint from when the resort was built in 1996 has faded due to poor workmanship. They maybe actually replacing the siding rather than painting it, not sure. Also putting up new awnings.
The siding is being replaced. From what I understand the siding was not installed properly and the company is having to come back and replace it all, or something like that. They sure have been working on it for a long time. When we were there in May they had the scaffolding up on the back side of the BWV portion.
The work is on the main pool side to the left if you're facing the villas from the canal. It covers the whole left area from about the center of the pool to the end that juts out across from the swan. So it would affect room requests for a main pool view.
When we were there about a month ago, they just started working on the Crest of the Wave section on the Boardwalk side, one side of the main pool and the standard view rooms across from the tennis courts. They are not using these rooms, so it does cut down on availability.