Just got back from a week at the WL. It was our first time on the 7th floor (Club level) and it was definitely worth it. Last year we stayed on the 4th floor in a bear face room so my comparisons are to last year's trip as to the question "Is the Club Level worth it?" It is definitely worth it IMHO. Here is why.
Note - the scaffolding is still up on the north wing as of today. All of the bear face rooms and a good chunk of the north wing inner courtyard rooms are obstructed. Fortunately, our room wasn't. They are replacing and repainting the wood and outer surface.
Dining. There were 4 of us - myself, DW, DS3 and DS 8 months. We had the Dining Plan like we did last year. Since my DS is now 3, he is included in the plan. He's a picky eater and it was tough finding food for him. Every restaurant should be required to provide the 3 main food groups for kids - pizza, chicken nuggets, and hot dogs. Also, our 8 month old didn't want to cooperate at our sit down meals. He is cutting a tooth so he was really cranky by the end of the trip.
Anyway, thanks to all the great food the Club level had combined with the kid crankyness, I had 7 snacks, 2 counter services, and a table service left on the last day. I ended up converting them all into snacks and cleaned out RF. Note: if you need to convert, 3 snacks will equal one counter service, but there is no conversion of counter service to table service.
The continual food and beverages available in the lounge were awesome. You basically don't need breakfast and could probably get away without needing dinner depending how big an eater you are (and how much food you want to take, but we tried not to take advantage of this). This is really a bonus, especially if you ever try to hit RF during the breakfast rush and you want to get a quick headstart to the parks. It was crazy this morning when I cashed in all of my unused meals. The line was outside into the main hallway.
The concierge staff...some of them are great. Some of them try to be helpful, but aren't as knowledgeable as I think they should be. I think there should be some sort of requirement as to how long you work for Disney or the resort you are going to be a concierge for.
Two examples. First, I asked one of them if I could prepay for a stroller rental there for the entire week so I wouldn't have to wait in line at the parks to pay. I could just get my voucher stamped, pick up the stroller and go. She didn't think you could. To her credit she made several calls, and after about 20 minutes did figure out that you can prepay for the stroller for an entire length of stay (which gives you a discount), but it must be done at the park. I give her kudos for getting to the right answer, but it was time I could have been better served doing something else.
Second, I wanted to upgrade my park tickets from 3 day to 5 day. The concierge was going through all kinds of crazy calculations and initially told me a number that was about 3 times too much. Eventually another concierge came on duty and she was very good (I can't remember her name). She was trying to explain to him how to do it. After about half an hour, she told me to trust her that she would get it untangled and get the right amount billed to me. I did and left. She said I didn't need to be there and she was getting as frustrated as I was with the person trying to figure it out. I saw about a dozen different charges and credits on my bill when I checked out just relating to that so I'm not even sure if I was overcharged or undercharged, but I didn't care at that point. Another concierge member noted she had only been working at Disney for a year. That doesn't really seem long enough to give the good treatment you deserve.
Having said that - they ALWAYS eventually came through even on little things. Whether it was having things delivered to the room or whatever (and never having to wait). The personal attention when I needed it made it worthwhile. They always were willing to go the extra mile and were courteous and friendly.
IPO. I had several things planned beforehand with help from the IPO. Initially I wasn't getting a good response, but as the trip time got closer they really stepped up, Lissette in particular. I had personalized Mickey ears made for all of us and Christmas Mickeys with notes to the kids all waiting in the room when we checked in. She did a LOT of work to get that done. I also had cards from Mickey for the kids, and a card for the DW (it was our anniversay). She also got us sparkling cider and a dozen of the tuxedo strawberries (WORTH EVERY PENNY). She also was great at rearranging our dining reservations at the last minute before the trip. IPO gets 2 thumbs up.
Room view. This one is subjective. Most people here seem to want rooms that face the MK so they can see the fireworks. MY DW prefers the inner courtyard facing the pool so you can hear the waterfall at night, which I agree was nice. With the cold weather, the pool doesn't get much action so there isn't much noise coming from that area. We were in the North wing almost at the end of the wing. It has two advantages - first there is a set of windows in the hallway just around the corner that affords the perfect view of the fireworks, MK, monorail, CR, etc. Whenever I heard the fireworks it was easy to walk down there and see them. Granted, I guess you don't have the privacy of a balcony if you wanted to stay in your pj's, but it didn't matter much. Secondly, there is a second set of elevators by those windows that takes you right down the RF. Quick and easy access there and to the boat ramp. IMHO- it was a great location and I guess being that high up does give you the benefit of seeing over most of the trees.
Privacy. I definitely aslo like the quiet and seclusion with the option to get away from the bustle of everything if you want to, but you can still be in the middle of everything going on down below. Sometimes it's nice to be in the middle of all the hustle and bustle and sometimes it's not. It's nice to have the option.
So...give the Club Level a try! You'll love it.
Other miscellaneous ramblings...on the downside, it just seems to me the food at WC and RF aren't as good as other places on property. I get that feeling 2 years running now. I don't know why, but it just doesn't seem to be what you would expect from a Deluxe. As an aside, Liberty Tree Inn at MK and Coral Reef at Epcot are excellent if you are looking for great food in the parks.
I had a great experience in WC and a really bad one. I won't go into them here, but it's much like everything in life... there are good apples and bad apples and unfortunately it only takes one bad one to ruin the barrel, but I try not to let it affect the mood of the entire trip.
As for the buses and boats...both ran quick (and they were both quick last year as well), but I think we got some good luck of the draw as we always seemed to show up just as a boat or bus was arriving. If you don't have a lot of stuff to carry (big stroller full of stuff), take the bus to the MK. It did seem quicker. If you have a big stroller that you don't want to have to unload, take the boat. I took the bus to MK one morning and we were the only one on the bus. I was looking around to try to figure out if we were really on the right bus.
I was kind of bummed, 5 days in the parks and 7 days in the resorts and I didn't see one LGMH.

Where was everybody? Wished I could have ran into some of you there, but maybe I did and didn't know it. Guess I'll leave HD alone next year.
You CAN'T beat Christmas at the WL. Period. Already booked for this same week in 2007 on Club Level. Hope to see you there!
Merry Christmas and Happy Holidays to all!