We go to WDW twice a year and the last 3 we have stayed at GF. We really like it. As far as being on par with top-notch hotels like Ritz, etc ... no doubt in my mind that it is ... the context of vacation is different therefore you cannot compare apples to apples.
For instance how a top-notch hotel let me down: My wife and I stayed in the Palace Hotel in Madrid (considered one of the top 25 hotels in the world) ... it was our honeymoon, yes they forgot the surprise champagne and strawberries in the suite for when we arrived (even though I was told that a Master Butler would see to our needs ... what a joke) ... like Disney they made up for it when we mentioned that our expectation was not met. So places like The Palace who have "Master Butlers" servicing you ... drop the ball as well.
We have stayed at The Breakers, The Cloister, Perrys Inn Cabins ... all considered top-notch hotels ... gotta say they were all much more money (roughly double), the rooms were better (but you actually spend a lot of time in the room and have your spa treatments come to your room), and the service varied as you inevitably end up calling Concierge saying "I was wondering when ..." politely asking for your services.
We stay at the Waldorf on Park Avenue every holiday season ... I say the same thing to my wife when we walk in ... nice decorations ... but it is no Grand Floridian. These places do not impress me ... but I will say that GF does ... hard to put a finger on it ... but I think it may be sentimental. As a kid my family would vacation at Hotel Del Coronado on Coronado Island ... looks just like GF but about a gazillion years older ... this might have something to do with it (getting all Freudian now).
I like GF ... we will probably talk about trying others like Poly but it is hard to believe as GF just works for us. The beds are great ... we always talk about how great the mattresses are ... and love the Restaurants, Monorail access, service is always great (but we are not demanding people and never ask for anything but room service) and most of all convenience to MK.
Worth is very subjective. Most our friends think we waste our money/time going to WDW twice a year ... while we could be doing another trip to Italy, Aruba, Spain, etc... Obviously there must be something wrong with us for not hiring a nanny and going down to the islands. Pah-Lease

When my wife and I were dating and she mentioned that she had been to WDW 17 times by the age of 12 ... I knew it was meant to be and we choose to spend more money when we go down as it is what you get out of the trip and if GF helps ... go for it.
I see Disney as the best vacations we have ever had .... without a doubt. We do not see Disney as a once every 4 year vacation but rather something our kids will share with their kids ... and remember when we had pillow fights in the hotel "with the red roof' as DD says.
Long story short we really like GF ... and to compare it to other hotels like the Ritz is the wrong context ... they are not at Disney they are usually in a large metro area and are specializing in something else other than a theme park experience.
I would say that if you are not sure ... go for one night or two nights and see how it works for you....I could not be happier that we did.
I dont want to come off all 'mr international traveler of the world and I know luxury' ... but I think context needs to be evaluated when comparing.