You have that exactly right. One family of four in the suite side, so if that was your family -- you and DH in Queen, DS in pull out sofa bed, DD in Murphy bed, and then the other couple on the 1BR side in the King bed, and then their two daughters sharing the living room pull out sofa bed. The expectation is that all refurbs will be done early this year, not knowing exactly when, but a year from now should be fine!
It would be more points, but did you look at BLT as well? The benefit there would be the extra bathroom. That would be nice for 8 people. The BW is our favorite, so I don't want to talk you out of it, but we've really liked our BLT stays as well. (I would say BLT is our #2 favorite so far.) Kidani also has the extra bathroom, but I only recommend it if you have cars available.