If you cancel more than 31 days out, your points go back into your regular account, and then can be banked(if you are still within a banking window) or must be used by the end of your use year.
If you cancel 31 days or sooner, your points go into a holding account, where they can be used but you must make the arrangements for their use not more than 60 days in advance of when you want to travel. For example, a couple of years ago, I had a trip booked for May 2-7 which I had to cancel in late April because my dad suddenly needed eye surgery, and I wanted to be around home to help. Since it was within 31 days of when I was scheduled to travel, the points went into a holding account. I then scheduled a trip for July 16-22, which I was able to call and book on May 22, using those holding account points. My Use Year in this case was October, so I was well within it when booking for July.
As far as SSR views, I think it seems like there is going to be a DD/river view available immediately upon opening, and a more wooded view once they finish the rest of the resort. Both would have their good and bad points, depending on what you like on a vacation. Those who like more peace and quiet would probably prefer the wooded view. Those who like a little more activity would probably prefer the DD/river view. I perosnally don't get too upset regarding views because IMHO there is not a "terrible" view at WDW. Even those that are less desirable(ie the dumpster at BCV) giove you a plus(a great view of Epcot and IllumiNaitons). Unless you are a person who spends a huge amount of time in the room, you'll only be looking at the view for a little while each day. DH and I stayed at the WL once on a spur of the moment weekend, and we had a view of the smokehouse. Not the most beautiful view in the world, but I will admit it was very interesting to watch what they did there. And the view beyond it was quite lovely and wooded. If view is that important to you, I would suggest you consider OKW, since that is the one resort where there really isn't a "bad" view. You generally have a wooded view, a golf course view, or a water view. I don't know of any view on OKW property that is "bad"...ie- a dumpster or soemthing to that effect. Does anyone else??? Every view I've ever had there has been nice.