The Contemporary is am amaizing place to stay and it's got to be the best location out off all the WDW Resorts, because it's the closest one to the Magic Kingdom.
Transportation wise it's great. Having the Monorail there makes things so much easier, the buses are ok although they are not perefct at any WDW Resort and they have a walkway to the Magic Kingdom, which is something no other Resorts have.
The renovated rooms looks amaizing, in fact a lot of people say they are the nicest rooms on property. If you seen them in pictures they do not tell the whole story, because you have to see them in person. If you want a Magic Kingdom View or Bay Lake View the Tower rooms are great. However the South Garden Wing rooms are just as good. One thing you can be assured of is both the Tower and South Garden Wing have the exact same rooms.
Food wise you can't go wrong. Between the California Grill, Chef Mickey's, Concourse Steakhouse, Food & Fun Center (counter service location) and the Contemporary Sand Bar.(The other 2nd counter service location, with a smaller menu.) Next year the Concourse Steakhouse is closing and moving to the Food & Fun Center location and are changing their name to the Waive, so they are going to have a different menu. So that means the Food & Fun Center is moving to the Concourse Steakhouse location and they are changing their name to Chef Mickey's Express.
If you have kids I hear great things about the brand new arcade location on the 4th floor and I should not leave out the great shops that is inisde the Contemporary.
As for the renovation depending on when you go, it might not be as bad as others make it out to be. As of right now they are working on the lobby, however expect for check-in how long do you plan to spend there? At end of July they are closing the Food & Fun Center, so there will be a temporary counter service location to be open on the 4th floor. However chances are they won't sell hot food so that is why the Contemporary Sand Bar will come in handy, since they sell some of the itmes that were sold in the Food & Fun Center. Aside from that the other big renovations are happening outside where the North Garden Wing use to be, however what is going on over there does not effect anyone staying in the Tower or South Garden Wing and I can confirm that from my own experience. If it helps here is there current schedule of renovations.
I personally believe that the renovations going now at the Animal Kingdom Lodge are a lot worse then what is currently going on at the Contemporary. No one has reported getting phone calls or e-mails from WDW asking them to swtich from the Contemporary to another Resort because of their renovations, so that should tell you right now people are making what is happeing there a lot worse then it sounds.
August 2007 - Newly renovated Fantasia Shop will re-open.
June 11, 2007 through November 2007 - The Lobby will undergo partitioned refurbishments to update the area's image and decor.
July 2007 through October 2007 - The resort's grounds will undergo partitioned refurbishments to install new landscaping and re-route existing guests paths.
July 30, 2007 through April 2008 - The Food & Fun Center will be closed for major renovations. The location will re-open as a new table service option, "The Wave". During this time a temporary counter service location will be operating on the Grand Concourse level near the Outer Rim Lounge.
April 2008 through August 14, 2008 -The Concourse Steak house will be closed for major renovations. The location will re-open as the new Counter Service location for the resort. During this time a temporary counter service location will be operating on the Grand Concourse level near the Outer Rim Lounge.