The restaurants on site are very good-IMHO. The snack bar near the pool seems to always have good burgers and such.
Shutters and Sonja's are very good. There are tons of places in VB to eat-all your usual places. Casey's Place has good hot dogs, fries, sandwiches, etc. There is a pizza place just north of the resort-walking distance that has pretty good pizza.
Check out the book in the lobby for other suggestions-I think a good one is called Capt. Hiram's-for some reason this doesn't sound right-I'm sure others will correct me if I am wrong.
There will be scheduled activities while you are there-the trip up to the Cape sounds good. I'm not sure if the Dodgers will be in town while you are there-I know someone else probably knows.
You can rent movies from the store at the resort, rent bikes.
From the age of your kids, it sounds like they may enjoy the waverunner tour that is offered-ask at the front desk or ask the guy out by the beach rental stuff. By the way, if that guy ever wants to quit his job-I WANT IT-he gets to sit near the ocean all day-I'm so jealous. Some of the artsy-craftsy kind of activities might be too young for them. They may even have some kind of kayaking thing as well.
HAVE FUN