I agree that all of the holiday decorations are great. For the most part, Disney's Christmas decorations are somewhat understated. Having said that, there's nothing more spectactular than Main Street's decorations. Some people express surprise that the castle is very "undecorated", but that is all part of the theme.
I had the pleasure of staying at the WLV in Christmas 2001. The decorations are spectacular and are spread through the resort. There are wreaths and smaller Christmas trees throughout beside the huge lobby tree. There are garlands everywhere. There was even a wreath at the boat dock! As mentioned, WL is rustic in look and the decorations match the theme in every way. I would not hesitate to stay at the WL again at Christmas.
The GF is also spectacular with Victorian decorations. If you like the Victorian mode, the GF is definitely for you! It is the most beautiful of the Disney resorts.
This year we stayed at Riverside. At Riverside (and perhaps the other moderates as well), the main building was beautifully decorated. There were garlands and a tree and wreaths. Very Christmas like. However, there were no decorations on any of the buildings or along the paths. When you got away from the main building you would never have known it was Christmas. That didn't matter to me, but it might matter to some!
I also agree that the Contemporary is unspectacular (having stayed there, I think that every more). The Poly just doesn't appeal to me any way, but DS wants to stay there so some day we shall! To each their own.
We also visited the Yacht Club and Beach Club during Christmas. Both resorts have spectacular decorated trees in their lobbies. I think the Yacht Club is a beautiful resort anyway.
I stayed at AKL in Christmas 2001 also and their lobby tree was also spectacular!! There were small trees throughout the lodge as well.
I would save my money and stay in either WL (bayview) or the WLV or the GF for the best resort decorations, in my opinion.
Other Christmas tips - definitely see the Candlelight Processional (good for Christmas Eve), check out the 4 park trees and the Downtown Disney tree to see which one is your favorite (I think Epcot is the best!!), and make a PS at your favorite restaurant for Christmas dinner. Have fun!!!