We just got back from our first stay at VWL and we really loved it there.
In addition to what spiceycat has listed, rent a boat and explore Bay Lake and go over the water bridge to the Magic Kingdom.
We did the bike path to Fort Wilderness on a surrey bike which was a lot of fun.
There is also a nature trail that starts at the back of the bike and boat rental area. We didn't have time to do that but I've read reports of people spotting deer while walking along that path.
The pool area is quite nice. You can see the geyser from the pool area. I also recommend getting a "Lumberjack" from the pool bar.
We enjoyed our dinner at Whispering Canyon Cafe. It's a wild place and it was fun watching all the fun things the kids get to do there. Good food, too.
We got breakfast at Roaring Forks one morning and sat at one of the tables out near the pool area. It might be a bit hot to do that in August, though.
One evening we got something to drink from the lounge and just sat in the rocking chairs in front of the big fireplace and just enjoyed being in that amazing lodge.