Having just returned 10 days or so ago from a 13 day stay that included both CP1 and CP2, I would opt to stay at the old, CP1 side. Why? Well...
The layout of phase1 is a little larger, or if not, for us with a large party, the living room was set up a little better. And it had Internet , DVD, and VHS in the living room. With the Sofa bed pulled out we could still move around better. Also they have real curtains with a liner that keeps the rooms much darker then the old blinds they had. However, some folks do not like the way the master bath is set up. It has the toliet/shower around the corner tucked behind a wall. No door. This was not a problem for DH and I. Also the 2nd bedroom has the 2nd bed tucked under the first one... and it is a tight fit to set up both. The 3rd room is also smaller then at CP2, and will only sleep 2 in a King bed. It also has the funky toliet in the open. They rehab is very nice! Except for the new Washer/Dryer units that do not have the lids on the washer that are magnetic and will stay open as you are using them...as I found out the hard, ouchy way...We will stay at the old, CP1 side if we can. Also we could set the climate/temp controls, so it was comfy. for us- way to cold when we first went in! We were on the first floor, front of building main walkway, and it was quiet after about 10pm and in the morning- we were on a direct walk way to the Volcano Pool, also.
The CP2 has a bigger, walk throug kitchen. The master bed room is smaller, but has a door in the toliet/shower room, which is huge! IMO they could have made that a little smaller and the M.bedroom larger. The blinds were a joke. No sleeping in late. Also we have always had a problem with the sheets not staying on the bed- stop laughting- it was because of the fit/age of the sheets, no matter what we were doing. Sleeping or .....resting.
Lightening woke us up several nights. Could not get onto the patio from MBed cause the small chair was in the way. With the Sofa bed unfolded all the time it is much smaller and harder to get out to the patio... and water collected on the patio we had.
The 2nd bed room was larger with both bed set up. Blinds again a joke. 2 bath was ok.
3 room was a studio and could have slept 4 sharing the 2 beds, 1 King, and a Sofa. Small kitchette.
Liked the washer/dryer here as the washer lide stayed up when you wanted it to. And it was a larger tub. But the dryer was in need of replacing!
The CP2 side will be under going an update acording to the front desk- no idea when.
We were offered the tour, and we own Sunterra points, so it was an Ownerw Update. The first time the offer was $50 Disney or ? else. The second time was at the end of the month and was for $100 Disney or ? Did not do either. Don't need any more points! We have enought to go down several x's a year. And to other places and usuall save some points for next year. We have looked into DVC but never can plan a vacation that far out! We use the Sunterra points within the 60 day/%50 off points per stay period. And the only reason I am telling you all this is cause we have stayed at CP about 5-7 times now and have noticed all the changes at both sides. Also if you go to the Sunterra site,
chhttp://secure.sunterra.com/US/rs-l3.aspx?resort=CPReck , (CP1)or
http://secure.sunterra.com/US/rs-l3.aspx?resort=CPR , (CP2)
Hope this helps you.
, I would agree. We were there a couple of weeks ago and the renovations to Phase I are super.. new furniture, appliances, etc. Now that the prices are the same, though, I would opt for Phase II for the elevator. 
