I would choose TPV, personally, but it depends on your priorities and can see why someone would choose otherwise.
For me, the dining experiences are a BIG part of our vacation, as is enjoying a water view from our private balcony. So I don't care much about the free food options -- I'm probably off eating at a TS restaurant at meal times anyway. We stock our own drinks and snacks, and like to enjoy them on our balcony.
On the other hand, with CL you could probably save a lot of money on meals, especially breakfasts and especially if you have a big family and/or young kids that are too young to enjoy sitting at restaurants.
I've enjoyed concierge lounges before, and will again. But for our next trip at the Polynesian, we're choosing TPV over CL, and that was an easy choice for us.