We've done both places several times. The CBR was our first "real" WDW vacation and we still love it. The food court is nice, but remember the size of the resort- if you're on the far side of the lake you have a long walk or a bus ride to get there. As far as location, you're on a bus no matter where you want to go, and again, with the size of the resort I watched many buses go by with absolutely no room for us.
WL has become one of our favorites. No, there's no food court, but there are 2 restaurants and the Roaring Forks snack bar. We enjoy resort-hopping for meals, so it was never a problem. The pool area is awesome (another overused word, but it aplies here), the geyser is unique, the laser show every night on the lake is great, and on two of our visits there we could lay across the bed in our room and watch the fireworks at the Magic Kingdom. The laundry room is inside, and you're a boat ride away from the MK. That's both good and bad, since it's the ONLY way to get to the MK, and sometimes that wait seems awfully long.
We joined the DVC a few years ago, and our home resort is the Boardwalk Villas, but last Christmas we made our reservations to include the first night at the WL Villas, just because we like it there so much.
Pricier, but worth it!