We love them both, and as others have said, there are pros and cons for each. When given the choice, we pick the THV. I'm not sure that will be the case, next year, when the points change and the THV costs more than the 2-bedroom.
Here's my pros and cons list:
2-bedroom villa
Pro: King sized bed in master bedroom
Pro: 2 queen-sized beds in 2nd bedroom of dedicated units
Pro: Larger rooms
Pro: Bus stops have direct service to theme parks
Pro: No steps/ramps
Pro: If you're in the Springs or Grandstand section, you'll be closer to the Carriage House and access to shops, restaurants, bars, and the front desk. You're also closest to the High Rock Spring Pool.
Pro: If you're in the Paddock, you'll be close to the QS restaurant and Paddock Pool.
Pro: If you're in the Congress Park section, you're really close to the Downtown Disney Marketplace
Con: Cooking out requires use of a community BBQ/Picnic enclosure at either the Congress Park or Grandstand pool (utensils must be checked out from the community hall)
Con: Very small balcony when compared to the deck on the THV
Pro: Access to both bathrooms directly from the living room. (THV master bathroom can only be accessed by walking through the master bedroom.)
Pro: Extra table/chairs in the 2nd bedroom. Extra efficiency kitchen if in a lock-off.
Con: No closet in the 2nd bedroom.
Con: There are no luggage carts for self service use at the buildings. Although you can use an elevator to get to your floor, you still need to carry luggage and groceries in from the parking lot individually unless you want to tip bell services to do it for you. (This is particularly fun when you have a 400 lb Owner’s Locker.)
THV
Pro: Unique concept
Pro: Very relaxing / peaceful atmosphere
Pro: Great for BBQing. Your own grill and a giant deck. Each THV also has a set of BBQ utensils.
Con: There is no canopy over the deck, nor is there an umbrella on the table. In the hot sun of July and August, the deck is practically unusable.
Con: Master bedroom has a queen sized bed.
Con: There's a set of steps (or a long wheelchair ramp) that all luggage and groceries need to be carried up and down. You can call bell services to do this for you if you’re willing to tip them.
Con: Bus to a bus. There's no direct service from the THV to theme parks. You need to either walk, bus, or boat to another section of the SSR resort to catch theme park buses
Con: Villas are secluded in a wooded wetland. What might be considered as relaxing and peaceful to some, may be considered spooky and isolated to others
Con: Wooded wetlands have bugs and critters.
(This was never an issue for us, but others have commented that bugs were an issue. Frankly, I've encountered bugs in all sections of the resort. It's on the water. There are going to be bugs.)
Pro: There are more bedrooms. If you are traveling with a group that isn't all part of the same immediate family, there are more options for splitting up families.
Con: The THV is only slightly larger than a 2-bedroom (1074 sq ft versus 1070 sq ft), but the square footage is divided up into more rooms. Each room, therefore, is much smaller. There's not a lot of room in the bedrooms to set up the playpen/crib. If you've got long enough arms you can pretty much reach all four walls of the 2nd and 3rd bedrooms from the bed if you tried.
Con: One of the bedrooms has a bunk bed. If this bedroom is to be used by adults (especially a couple), they're not going to be comfortable. The member web site indicates the bunk beds are for individuals 5' 10" and under, and 300 lbs or less.
Pro: One of the bedrooms has a bunk bed. Kids think this is the coolest thing ever!
Pro: Living room has a sleeper chair. THV can officially sleep one more person than a 2-bedroom.
Pro: If you're in the south loop, you're reasonably close for walking to Downtown Disney West End (although not as close as Congress Park is to the Marketplace)
Con: The THV pool is very small, and theming was an afterthought.
Pro: I've never seen the THV pool crowded, and have often been the only one there.
Pro: The THV pool is under a canopy of trees. In the sweltering heat of July and August when other pools feel like a hot bath tub, the THV pool is a little cooler.
Pro: One extra TV in the THV. Each of the three bedrooms has one.
Pro: More bureau and closet space for putting away clothes in bedrooms. (All 3 bedrooms have a bureau, and the 2nd bedroom has a closet.)
Pro: Cathedral ceilings throughout.
Con: Because of the cathedral ceiling, the ceiling fan in the master bedroom is so high up you can't reach it. There's no way to change the speed, and they're set so slow they barely even move the air.
Con: If you have more than one vehicle, you’re only supposed to park one of them in the THV section. Additional vehicles are to be parked in the Grandstand section.
Con: The streets through the THV section of the resort are narrow. Disney uses full-sized buses for the shuttle to the main section of the resort. If you have a very large vehicle, you won’t want to park it at the THV.
(We didn’t have any problem with our mini-van, but I’ve seen some of those monster vehicles y’all have!)
Con: There are sidewalks leading to the doors of the individual THV, but there are not sidewalks along the main street. Because of the narrow streets (and especially because of the buses), you need to be mindful of traffic when you’re walking to/from the bus stop, boat dock, or pool.
Pro: Some of the THV have rooms that literally look out directly at the water. You can lie in your bed and watch the boats.
(Note: The 3 bedrooms face in three different directions, so each bedroom has a completely different view.)
Pro: It's more cool! Come on, admit it. You've always wanted to stay in one of Disney's tree houses. 