I'm not a BWV expert, and I'm sure you will get more responses. But from my understanding, the standard view is that of the valet parking lot/tennis court area, as well as the circular driveway when you pull into the resort (where valet is). Preferred can be of one of the pools (the main pool is a nice view), as well as any view that overlooks water. I had a preferred view in 2003. While, yes, it did overlook a small canal (thus the water view), and also had a view of TOT (if you stood out on the balcony and turned 90 degrees to the right), the primary larger view was that of the valet parking lot. Apparently, some of the rooms on that side of the resort are categorized std and others preferred. I believe it is the rooms closer to the end of the hallway on that side that are preferred. In my opinion though, they should be standard, but that's just how I feel. If I had a preferred view in the future, I think I would request "pool" view so as to avoid the valet parking lot view.
Then you have your preferred "boardwalk" view which are very nice----though they must be guaranteed at booking to be sure you get them, and as far as I know, there are not as many of these views as there are the other views (primarily the preferred non-boardwalk views).
Hope this helps a little. I'm sure BWV owners will chime in with more info. They might be able to offer some more insight.