I like Val D Europe, I much prefer getting a train to Disney then having to queue for a shuttle bus. 9 times out of 10 there's a train waiting at MLV station so it's great at the end of the night to not have to queue and squeeze onto a bus.
That said, the Ibis and etap don't really change their rates, it's about £50 a night all year round. So whilst it's a bargain in the summer, it's not the best value in the winter when you can stay on site (Disney or partner) for similar money.
As a general rule of thumb I like to stay in Val D Europe for summer trips and on site in the winter.
For me personally, I'd rather stay at the Cheyenne over the Magic Circus/Dream Castle. Whilst technically it's an inferior hotel, it's probably my favourite hotel at Disney. The theming is excellent and it's handy to have EMH. It's well worth the couple of £'s over the Santa Fe.
We're planning a quick trip in Feb/March and it will almost certainly be at the Cheyenne.