Hi LoveRafiki,
While at WDW from 6/25 thru 7/3, we paid $199 plus tax (total about $210) for the 5 of us (3 adults, 2 teenage boys 17 & 16) for the length of stay recreation pass at WL. It included unlimited use of water mice and bicycles for any of us, plus pontoon boats as long as the adults were present to drive them. We used at least 15 hours of watermice time between the 5 of us (the boys went several times on their own), we 3 adults went for a nice long bike ride to FW, about 2 hours, and we also got a pontoon boat for an hour one day. It was the best value at WDW, IMHO. We were staying at OKW, so it would have been even better had we stayed at VWL. We have annual passes, so the time "wasted" going between resorts and not staying in the parks was of less concern to us, and WE LOVE WATERMICE. We joked that they cost $30 per hour or $40 per week!
I don't recall seeing this arrangement posted on the sign at the recreation desk, but I asked and out came the paperwork. We had to fill out and sign waivers/liability forms and we also had to leave a room card each time we went to rent a boat or bike.
I understand that there are similar recreation deals available at other lakeside resorts, but I read posts saying that the mice on the WL/CR/GF/Poly lakes were the fastest. We love that area of WDW so chose to do it there. Regarding mouse speed, the lake patroler we chatted with said that it really depends on weight - both the individual's body weight and the amount of gas in the boat.
We enjoyed it tremendously and recommend it highly.
Enjoy your trip!
