The studios are great! I stayed in one ten days last September. Having the sofabed in place of a second bed makes the room seem so much larger, even though it's actually about the same size as a standard deluxe room. All of the views are pretty much woods views, which is very relaxing.
I found it seemed closer to the boat dock to go out the back lobby door, through by the quiet pool and around the back of WL to the boardwalk by the pool bar. Cutting through WL just seemed so much farther. I like to get on the smaller boats that make the CR/FW/WL circuit and just ride around on the lake to relax. You can also get off the boat at CR to access the monorail to the GF or Poly.
You do use the main resort lobby to check in, and you share all the resort amenities with WL. The Villas are closer to the bus stop, which is nice. The Villas have their own really nice lobby. Be sure to check out the Iron Spike Room if you have any interest in trains (and even if you don't!). They not only have regular bike rentals, but the lovely surrey bikes you can ride together, and there's a paved path between FW and WL to ride them on. You can often see deer along the path in the early morning and just before sunset.
There are some studios at the end of the hall that look out over the service area. You might want to put a request on your reservation to be close to the lodge instead. There is also one studio that does not have a balcony. I can't remember which one off the top of my head, but someone else can probably tell you.
I'll be back at VWL myself in September (1BR this time instead of studio as I'm there 17 days). When the AP codes came out for September I could have saved money by switching to BWV, but I decided to keep my reservation at VWL just because it's so restful and relaxing there. You'll have a great time!