The parking seems far to me, whether staying at the villas or the lodge. That's the only drawback, but it's one I'm willing to put up with.
One thing I love about VWL (and BCV as well) is that you have all the amenities of the main resort, but you have the calm and quiet as well. It can get just as noisy in a deluxe resort as a value (why will people yell in the hallways?), but I've never had a big noise problem at the villas. I also love the villas lobby area, a smaller version of the big lobby next door, with it's own fireplaces and cozy nooks and crannies.
Some people think it's a long walk to the boat dock, but if you leave through the back door of the villas and go through the quiet pool area and around the back of the lodge, it seems closer to me than from some areas in the lodge. The bus stops are really in front of the villas, so they are closer than from the lodge. It is a little far to Roaring Forks, if you like using the refillable mugs, but I find having drinks stocked in the villa fridge that I usually don't need the refillable mug. I like the fact that the gift shop is located close to the villas side of the lodge.