Hmm. Good questions. I have been in a few of the bungalows since I live here and am easily able to attend member events. I would definitely say that because the fireworks at MK go WAY up in the air, all bungalows would have a very nice view indeed. Not entirely sure about the electrical water pageant, but I believe that view should be equal as well as the pageant historically has always gone past the Poly resort.
The plunge pool is small. Think small hot tub size. I think 4 adults that didn't mind being pretty cozy would be a max, IMHO.
Some of the bungalows will have slightly less of a view of the castle because of the island in the lake, but all can definitely see the top spires of the castle. The views are really gorgeous from every bungalow I have been in. I believe it is 3 total entrances to the walkways to the bungalows and they are key-entry gates. Not just anyone can enter, you must be staying in a bungalow.
Negatives: While I think the bungalows are truly spectacular, as a 500 point owner with a large family, I can't justify spending as much per night as I would on a GV at Aulani or VGF! Ouch. One thing I do not care for is that the layout of living area and kitchen are just one big open area. Sounds nice right? Not if you have children you want to put to bed earlier than the adults in those living room beds (sofa bed and small murphy), because if you were gathered around the dining table as adults, you would be only a very few short feet away from the kiddies. Sure, most of the time you would want to be out on the back deck if weather and mosquitoes allowed, but if you're having a meal, playing cards, what-have-you, I think that could be a problem.