While it's close to being on property geographically, technically speaking, it's off site. It's not owned by Disney, guests don't get access to DME transfers from MCO, guests don't get Disney park transportation nor access to EMH. Also guests can't begin booking FP at 60 days prior to arrival.
We've never stayed there but we did a brief self-guided walking tour through the public areas and I'm sure we'd enjoy ourselves there, but for anyone wanting the onsite perks that Disney offers, they can't get them at Bonnet Creek.