The area known as "Formosa Gardens" is probably the most recommended and sought after on this board. This includes the resort developments of Windsor Hills, Windsor Palms, Emerald Island, Indian Creek, Formosa Gardens.
As well as the communities given by George. The Formosa Gardens area also has within it - Rolling Hills, Oak Island Cove, Sunset Lakes and Arcadia Estates
The map on The Dibb gives you a reasonable idea of where the location of them is, although some of the positions are actually a little bit wrong
Eg Oak Island is actually closer to Disney than Emerald Island.
I would def. stick to one of the areas the pp listed. We just returned from IC and it was amazing. You really want to be close to the parks. It is such a PITA to get in and out of MK, that you don't want extra driving time when everyone is tired and cranky.
My family and I have stayed in both Indian Ridge and Indian Ridge Oaks about a half dozen times. It's right off 192 and is about 7 or 8 mins from Animal Kingdom from the Sherberth Rd. entrance to Disney. These developments are older, but have the same amenities as the newer ones. We've paid on average from 90-110 a night for 3 to 5 bed homes.