We stayed there in August of '05. It's a great place! I posted a detailed review back then (if you search for it you may find it). There are no balconies off of the actual room, but we stood out on the corridor balcony (does that make sense?) and we were able to see the fireworks at Magic Kingdom. The food is unbelievable- they never stop trying to feed you for free! The breakfast is so extensive and satisfying, we would eat like crazy, and then make do with a light counter service meal at the park around dinner. We saved a lot of $$ that way.
The "sundowners reception" snacks were more like a meal. I remember we had hot dogs and mini hamburgers, chicken wings and salad, chips and salsa, plus free beer, wine and pop. It really is fantastic.
Plus the staff was wonderful. My DD turned 5 while we were down there, and they gave us a plate of delicious cookies with a card and a Cinderella sticker. We could figure out for the life of us how they knew it was her b-day (then dh remembered he very casually said something when checking in), but the best part was, our little girl thought Cinderella herself left her those cookies!