I'd like to add my Amen to what everyone else has written.
I'd also like to add a couple of other items that might be of interest to the original poster. The WL is perfect for kids the age of yours and here is a couple of extra reasons why. The pool is themed wonderfully and the unusual shape enables you to never be too far away from your kids. Because it is not a huge round type pool no one is ever way too far out in the middle out of reach from help. The slide will be a blast for your 7-yr old and if your 2-yr old is adventuresome, he can do the slide in a life jacket (it is shallow at the bottom and you can stand just out of the way and catch him in your arms). The slide has a mini tunnel thingy that is pretty cool.
The boat transportation thrills the kids. My son loved just riding around on the launches. Good entertainment on a non-park day was riding the boat to the CR for an early PS at Chef Mickey's, then riding the monorail around to visit the other resorts. When we got back it was just in time to relax in the beauful pool. We never had to wait more than about 5 mins for a boat to anywhere to arrive. It was uncool to have to swing by FW when you were in a hurry though, especially since it seemed random as to which one they stopped at first.
Another highlight: Bunkbeds. I don't know what your kids are used to but sleeping on top of the bunk bed is one of the things my DS (4 at the time) remembers most about the trip. Plus the bunk beds free up some floor space making it easier to move around the room.
The onsite boat rentals were great too. Your 7-year old will love the mice rental, but I highly recommend a half hour pontoon rental too. That way you can take the whole family out at the same time - even the little one. 1/2 hours was enough time to buzz the beaches for the GF and Poly cruise around 7-seas and Bay Lake. The bow of the pontoon is a great place to pose for pictures right infront of MK, with the Train Station and Cindy's Castle in the background. This is another of the more fondly remembered parts of our trip by all of us.
Notice that everything I've said is all about the good things at the resort. I haven't even talked about the parks. You could almost have a full vacation at the WL without even having park tickets. One great thing about the WL is it's proximity to the MK. If you get to the park early and plan to return to the resort for a nap around lunch time (highly recommended for kids at your's age) the boat ride back is just the relaxing transition they will need to drift off to sleep.
I know I keep saying "the kids will love this...blah, blah, blah", but in reality you will love it too!
I know I did and I can't wait to go back.
) we explored (almost) all of the Deluxe resorts. We were most awed by the WL and vowed to stay there the next time we visited. And that time is almost here! We rented DVC points for the VWL! See the sig!
I could just sit in there and drink some hot chocolate and pretend I'm in a lodge up in the mountains, maybe a ski resort. 
