We stayed at HoJo last year. We just booked the 3-bedroom view suite at the Carousel for this year. It's the only room at Carousel with view of the park/fireworks. Here's what I know from experience and extensive research on both places:
HoJo probably one of the most "consistent" of all the hotels there as far as knowing what you are going to get - a decent sized room that's a little dated/worn around the edges with good customer service and best pool area for any of the non-Disney hotels within walking distance. Room door to maingate turnstiles we found was about a 15-17 min walk. with a 5 and 6-yo. Any farther than that and I think you'd want to take a shuttle. Make sure to get a room with fireworks view (Disney View) as that is what I consider HoJo's biggest asset next to its pool area. Don't be surprised though if your view is partially blocked by a tree, but it will still be a decent view (tree is narrow.) HoJo is close to the freeway but it seems the building is constructed in such a way (concrete walls maybe?) that inside the room is pretty quiet in our experience and apparently others?
Carousel Inn is as close as you can get to the maingate, probably about as close as the Grand Californian. I guess it is a about a 6-7 min walk hotel door to the turnstiles. HoJo is a good additional 7 or 8 min. but still close. However if you go back and forth between the parks or Downtown Disney and the rooms 2 or 3 times a day, even for an in-shape adult I was wishing we were in one of the closer places right across the street when walking back to the hotel. But the HoJo walk is definitely not bad, very doable, just tiring at the end of the day.
Both hotels are probably in the top 5 rated hotels within a short walk (15 min or less) of the maingate that you don't have to take a shuttle.
The only thing that I see consitent as far as negative remarks about the Carousel is that it sounds like the rooms have poor insulation (more noise from rooms and street if you are near the end of the building) and that the dining room doesn't have enough seating area unless you get to breakfast early. Other than that, I've found most people rate the Carousel pretty consistently high. As far as short walking distance, I'd say Candy Cane (no fireworks view), HoJo, and Carousel would argueably be three of the best choices there (although Candy Cane has a shuttle too.)
We chose Carousel instead of HoJo as we wanted to be even closer to the maingate this time (we show up early to get into the parks) and we have a large party so it would be neat to all stay in the same room (3 bedrooms! But only 1 bath!)
However, I'm concerned about a few things regarding the Carousel, specifically the view suite.
Unless we get room 400, right below the restaurant, the view is going to be partially block by the tree (room 300) or by the tree and partially horizontally by the wall around Disney (room 200, 2nd floor). I doubt the hotel can guarantee we'll get room 400?
Secondly, the noise is bugging me as it says you get both the noise from outside and other rooms and the noise from the dining room upstairs in the case of room 400 (if you don't get up really early in the morning.)
Thirdly, we have 2 small children, and 5 adults in our party. Sharing 1 bathroom is going to be a challenge but kids take baths at night and women can do hair drying and makeup in the bedrooms? Is there a bathroom in the lobby for the men to stink up?
One thing a lot of people don't know is that the Howard Johnson actually has a 1 bedroom suite. I've been told by the hotel they have only one of them in the hotel (although I find that hard to believe). You can only book it calling the hotel directly. But it wouldn't be big enough for all of us, we'd have to get another room and it couldn't be adjoining. But Hojo pool is much nicer and rooms are better insulated - essentially no potential surprises at HoJo. I think Carousel Rooms are actually suppose to be a little nicer as I think they got a face lift inside more recently than the worn HoJo? HoJo is still clean/decent though.
So at this point we are on the fence whether to stick with the closer 3-bedroom view suite at Carousel, or just get 2 adjoining fireworks view rooms at the HoJo. The other downside is it's two couples (me my wife and my folks) and my sister, so my sister will have to share a hotel room with my folks versus having her own room at the Carousel since we could put the kids on the sofa sleeper at the Carousel and its a 3-bedroom room!
I need help making a final decision. My gut wants to try something new, deal with the 1 bathroom and stay at Carousel, but I feel I may regret it if we don't get room 400 or the noise is too loud (although most all of us sleep like logs and spend little time in the hotel room.)
Last trip we had no time to ever make use of HoJo pool, to busy eating or going to the parks. Probably won't use pool either first time so the fact Carousel has tiny pool isn't an issue with us.
Any insights?
Thank you so much for those kind words! 
but that;s not how I meant it.
