Just returned from WDW and I spent some time checking out the BCV construction. They seem to be progressing rapidly. The wing closest to the original Beach Club was up to 3 stories tall. It looks like this section will be 4 stories when complete. This section runs parallel to the current Beach Club. (Note: All of these "sections" are part of one large building, not individual buildings.) They were working on the 5th story of the middle section, which will be the maximum height of the Villas. The middle section is at a 45 degree angle to the section closest to the current Beach Club. This section extends back toward Epcot Resorts Blvd., so when complete, the building will have a Y-shape. The third section only had some foundations in place. This section is the farthest from the current Beach Club building, and is roughly parallel to the entrance drive. It looks like this section may actually be built over the "river" that is in front of the Beach Club (the water that you drive across just before you get to the front door of the Beach Club). The back side of the Villas will be very close to the road. On the plus side, some of these rooms, especially on the upper floors, look like they will have great views of Epcot and Illuminations.
Although many of the guides will not verify that the BCV will be part of DVC, there was a large sign just outside the front door of the Beach Club which had a picture of the new Villas (the same artists rendering that's been posted in the past), and stated "Beach Club Villas - A Disney Vacation Club Resort. Opening Fall 2002."
I would try to avoid the standard view rooms overlooking the construction right now. The Villas are very close to the current building and I suspect that there is a lot of noise, not to mention a pretty crummy view. The first floor rooms are surrounded by a solid wood fence about 8 feet away from the door to the patio.
They are also building a new bridge from near the front door of the the Beach Club direct to the bus stop. I guess this will allow people to avoid the main bridge that the cars take up to the front entrance.
Let me know if you have any questions.

Although many of the guides will not verify that the BCV will be part of DVC, there was a large sign just outside the front door of the Beach Club which had a picture of the new Villas (the same artists rendering that's been posted in the past), and stated "Beach Club Villas - A Disney Vacation Club Resort. Opening Fall 2002."
I would try to avoid the standard view rooms overlooking the construction right now. The Villas are very close to the current building and I suspect that there is a lot of noise, not to mention a pretty crummy view. The first floor rooms are surrounded by a solid wood fence about 8 feet away from the door to the patio.
They are also building a new bridge from near the front door of the the Beach Club direct to the bus stop. I guess this will allow people to avoid the main bridge that the cars take up to the front entrance.
Let me know if you have any questions.
