We stayed at the BWP in 1997 and used the free shuttle.
As far as I can recall the shuttle had 3 scheduled times to the parks and the same coming back. I have the actual times somewhere - I will dig them out when I get home tonight. (may be different now though).
The bus to the park was never that crowded (in October), and as far as I can recall the bus only picked up at th BWP.
Coming back the last bus was always crowded (we ended up standing quite often), and dropped and at the Howard Johnson Hotel on the I192 as well as the BWP.
The bus drops you at the Transpotation and Ticket Centre near MK. To get to the parks you then need to catch either the mono rail to MK or Epcot, the boat to MK, or busses to the oher parks. I don't think there is any transport to DTD from the TTC anymore.
Not sure about the water parks though.
Coming back it picks up from the TTC and from Epcot.
We found the return bus was a little early if you are doing Illumination, Fantasmic or the MK fireworks - this is where getting a taxi back may be your best bet.
As for the hotel, we liked it. It is in a very good position on the south end of International Drive. Close by are numerous restaurants (including a Ponderosa and Toni Romas), as well as a shops. Adjacent to the hotel is a Friendlys restaurant.
The Mercado Village is across the road and a bit further south is the Pointe Orlando Mall and Wonderworks.
The rooms are spacious and clean (try to upgrade to a suite room if you can). The pool area is nice, with a kids pool and pool bar.
Make sure you use the IRide Trolley Bus to get up and down IDrive - it's cheap and efficient. Idela for getting to Seaworld, Belz, Premier Outlets Mall etc.