Don't know if or when the rooms themselves were redone, but they were in the process of replacing the hallway carpeting when we were there last February. We were in a standard view 2 bedroom on the first floor.
Don't ask me why because it makes no sense to me but BWV refurb was they did the interior hall carpets and painted the hallways and then they started on doing the outside of the building and also refurbishing the insides of the villas. Sounds like a backwards approach to me but that is how they did it.
The outside painting is a result of a defect in the original paint. I attended the DVC annual meeting in 12/2000 and they said the work was being redone at no cost to the members. I don't think they would have repainted the whole outside after 5 or 6 years (opened in 1996) if it wasn't defective. It should last longer than that.
When I bought in September 1999 there was alot of talk on these boards about rooms being in bad shape. The interior renovations were done after that. Our first BWV stay was in 12/2000 and our room looked freshly painted (quiet pool area, 4th floor). The hall carpet were new when we stayed there last December (standard view 3rd floor) and one time we went down to the first floor and they were replacing the carpet there. They replaced the old "boardwalk wood" carpets with more of a floral/sand design (look close and you see kids wet feet in the pattern). By time they get the exterior work done, they will probably have to start on the interior rooms again.
The interior of all rooms was repainted and recarpeted during 2000 and 2001 (on a rolling basis). The exterior repainting and repair is still going on on a rolling basis. They have not yet started the standard view rooms for that.