If you don't mind the noise and traffic of being so close to the Meadows, the sing-a-long, the campfire and the movie - it's a great loop close to the action.
If you want a quiet site, I'd probably look elsewhere.
We also noticed that was one of the most full loops when we were just there. In our loop (500), easily half the sites were empty. Of course, we went during a slow time, but those loops closer to the Meadow were still full and busy.