Room 4511 faces Bay Lake, so you can not see the castle but we were able to see and hear the water parade every night. Now, to see it we needed to be on our balcony and you could only see each float as it passed through the clearing of trees, not the entire parade at once like if you had been down on the beach.
The only noise we ever heard from outside the room was when there were loud guests in the hallway, other than that, the room was extremely quiet. I, too, was a bit concerned about elevator noise and the bells on it but we never heard it once. There are 2 rooms in between it and the villa, however, a Mousekeeping room and probably a mechanical one for the elevator. They must be pretty well insulated, though, because we didn't hear any noise from there, either. Hubby is a pretty sound sleeper, but I'm not, and since the master bedroom is the one that is closest to the CM rooms and the elevator I was worried that it would keep me up at night ... it was not a problem!
Hope this helps! Jennie