We have stayed at the Contemporary 4 times (once at AKL). We were in the garden room the first time. Second time we were in the tower facing the lake. 3rd and 4th times, we were in the tower facing MK (also has lake views). (As a matter of fact we are currently trying to secure tower room views for this coming Xmas, but it is sold for the time being.
We absolutely love staying in the tower with the MK view. Not only do you get spectacular views of MK with the colors of the castle changing at night, fireworks from the room. You also get views of the lake with the lit up resorts in the distance, boats, monorails running dusk and at night + sunsets over the lake. On the inside, outside of your room, you can look over the concourse - see/hear the excitement with the music from Chef Mickeys, monorail running through.
The arcade is great for the kids.
My parents have stayed at the WL, and I can tell you that the rooms are bigger at the CR (and in the tower, they do seem brighter as well).
You can walk to the magic kingdom. The monorail is convenient to MK/EPCOT (and for the return trim from MK as well). The convenience can't be beat. The California Grill is great and only an elevator ride away.
I will say that there have been reports of wear/tear at the CR. We have seen a little of this, but not enough to offset all the other pluses. I don't think that you will be disappointed - especially at the savings you are talking about. I actually am surprised because the CR is usually more expensive than the WL.
Make sure you request a MK view + it doesn't hurt to arrive early to assure that you get this request.
Paul