Cons:
Magical Express not available
Disney Dining Plan not available
Cannot charge to your room in the parks
No Disney wake up call
None of those really matter much to me.
Pros:
LOCATION - You can walk to Epcot and MGM or take the boat
Heavenly beds--the best beds on property, IMO
Great views of Epcot, the Boardwalk, Illuminations or Tower or Terror
Deluxe hotel at a much better price than Disney hotels
With a Starwood Preferred Guest card, you can earn points toward future stays and get free upgrades
Friendly, competent staff
24 hour convenience store/cafeteria
Great dining at the hotels, and within walking distance to Boardwalk and the World Showcase
We're leaving next weekend for our sixth stay at the Dolphin. A lot of people think it doesn't have the Disney magic, but my family loves it there.