I just returned home from 3 nights at the Grand Californian. We booked the standard view with our DVC points and had a great view. Our room was on the 4th floor right above the World of
Disney store in Downtown Disney. We had a great view of the monorail, Matterhorn, Space Mountain, entrance to the park, and best of all, the fireworks. We could actually lie on the bed and watch them with a perfect view!
Here are some pictures taken from our balcony (Room 4435).
Looking toward the park entrances, you can see the security tables for bag checking.
The Matterhorn peeking out above the trees.
Space Mountain and the Main Street train station.
Looking down below our balcony, you can see the World of Disney sign.
A few fireworks shots taken from the balcony.
While this room had a GREAT view, it was a bit of a walk from the hotel entrance/exit into Downtown Disney. The walk was considerably shorter to the CA entrance, but still a bit of a haul.