We really liked Hotel Menage. We are an adult couple, no kids and were looking for something less kid-centric and menage worked out well. It is definitely within walking distance-it takes 10-15 minutes to walk from the front door to the parks. It could be a little harder with strollers because you have to cross an on 0ff ramp.
The restaurant has a huge tapas-like menu and is a lot of fun. The pool area is very nice (great happy hour) and we loved taking a break from the parks here.
The rooms are modern, loft-like with concrete floors.
It's nothing luxe, (don't expect a Kimpton or W) but we wanted to be away from the places that surround
disneyland (comforters on the beds, flower trimmed curtains--any pool with a bucket of water that dumps over the people below).
It can be loud there. We had real problems with the radio from the pool blasting all night long (we were told later the radio should have been turned off--they did not turn it off when we complained the first night, but did the second night).
The highway noise is noticeable outside but shouldn't be a problem for sleeping.
However, there is no better place to see the fireworks (from outside the park I mean). They are so close, it's almost scary!