I prefer Bay Lake Tower to the Contemporary for the decor and the location, but it has a few quirks. For one thing, there are no sheers in the rooms, just blackout curtains. This may not sound like a big deal, but considering that half of the rooms look directly into other rooms, you may have to keep your blackout curtains closed more than you'd like.
Here's a link to the part of my Christmas trip report with a TON of pictures of our 1-bedroom villa at BLT plus a review. A studio would look like our bedroom, but without the gorgeous master bath:
http://www.disboards.com/showthread.php?t=2200943&page=98
Just to warn you, it can be difficult to get a reservation at BLT in the Standard (i.e., cheapest) and Magic Kingdom view categories if you call less than 11 months out. That vacation point rental web site frequently only has availability at Saratoga Springs, so if you decide on BLT, start checking ASAP.
There will be plenty more opinions of BLT vs. Contemporary on the DIS' resorts boards, and you might also check out the DVC board for specific questions about BLT or to rent points directly from a member.