We got "water view" and were disappointed. It was sort of above the courtyard that separates the Inn from the Villas, right near the boardwalk entrance of the resort. I'm probably not describing this correctly, but you really had to strain to see much of cresent lake. Also, the way that the hotel's angles are, people in nearby balconies could see onto our and us on theirs.
It looked like most of the water view rooms would be amazing, but at least when we were there -- this is about 6 years ago now -- there were a few clunkers classified as "water view."