Windsor Palms is probably the newest, along with Wyndham Palms. We're booked at Windsor in November and can hardly wait to get there.
A site that lists many different locations is Vacation Rentals By Owner at
http://www.vrbo.com/vrbo/flcentral.htm
We've stayed in the Lindfields subdivision several times and loved it every time. That is just pool homes, not condos, and they are older (probably early 1990's or late 1980's) but well maintained.
Windsor Palms is actually about 2 miles closer, though, and was just opened last year. From what I've seen, prices are comparable so I'd opt for closer and newer myself.
As for what to expect - Expect to be spoiled to the point that you won't ever want to stay in a hotel again, even if there are just 2 of you going. You can rent a 2-bedroom condo for under $60/nite offseason. No hotel can match that for space and amenities.
Not really much in the way of hidden costs. The kitchen is stocked with cooking and serving items. You just supply the food. Also, you need to supply things like paper towels, dish washing supplies (sponge, soap, dishwasher detergent), trash bags (sometimes supplied), tissues, extra toilet paper, laundry detergent. Other than that, they provide everything else you could want or need. Some homes have VCR's, DVD's, video game systems, etc., but you need to bring your own tapes/discs/games.
Its a great way to travel. I wish facilities like this were so readily available in other locations around the country.
Steve