Emerald Island is one of the more upscale sub-divisions and in a great location amongst the closest communities to WDW. You can be on WDW property within 5 minutes using the Sherberth Road shortcut, and parked up in the Animal Kingdom parking lot within 10. You're looking at around 15 minutes for Epcot and MGM, and probably around 30 minutes to the gates of MK given that it's the furthest away and you have to park at the TTC and then take the ferry or monorail. There aren't many places offsite where you could beat those times and certainly no villas that I know of.
If you like to walk, or want to go out to eat once or twice without having to drive, it's certainly possible to get to the Formosa Gardens Shopping Center on foot - a friend of mine does it often. It's about 10 minutes from the entrance to EI, but the precise time will depend on the location of your villa - EI has a long entry road. There are even sidewalks for the purpose - those Americans thinks of everything!

There's a Wynn Dixie supermarket at the FGSC (although we prefer the Publix which Johnny mentions), together with some smaller (albeit not particularly exciting) shops and plenty of eateries; both fast food and full service.
Emerald Island itself is a gated resort with communal facilities including a swimming pool and spa, tennis and volleyball courts, children's play areas, a gym, video arcade and a clubhouse (although it misses a trick, in my view, as it
doesn't have a bar). If you're anything like us, you probably won't find time to use these facilities, but they're a nice touch.