Hey Mouse Man,
To the best of my knowledge a waterview room at the BWI overlooks Crescent Lake. At least the three times we have stayed there and requested waterview that is what we saw from our balcony. All three times we have been in a room which would be directly over the Bellevue Lounge on the 4th or 5th floor, overlooking the lake, the boardwalk, and the green between the Inn and the Villas. We would sit on the balcony with coffee and...in the AM and boat and people watch - quite an enjoyable way to start the day. All rooms do not have a balcony, however. We think the Inn is a wonderful place to stay, and that the area is the best place to be in WDW! You will have a great time there. Have fun!!
Peg & Bob