There are two point categories - Standard View (the rooms overlook the entrance - and Preferred View - all other rooms including those overlooking the Boardwalk.
Within the Preferred View points, there are two guarentees - Boardwalk View - your room will (barring unforseen circumstances) look over Cresent Lake, and Preferred View - which may have you overlooking everything from the Village Green (which some people think as nice or nicer than the Boardwalk View) to Luna Park, to the Quiet Pool, to the canal facing the Swan/Dolphin. Overlook may be a strong word for a lot of these rooms - you may "overlook" Luna Park in a ground floor room behind the Keister Coaster. You may put in a view request - a lot of DVCers will request "non smoking, quiet pool view, high floor" for instance - but a request is simply a request - it may or may not be met.
Although BW is the only resort to have a guarenteed view, other resorts guarentee dedicated vs. two bedroom lock offs or (at BCV) two queens in the second bedroom. BWVs only has lock offs and all of those have a queen and a pull out.