VB has a very nice pool and play area. As Disney Fanatic said, I would not spend much time in the ocean. We had a very scary incident there when the kids were younger. My DD was pulled under by an undertow. I got pulled under myself trying to get to her. DH was trying to keep younger DD from going after her sister. Thank god for the chair rental guy, who came into the water and pulled out my older DD!! No lifeguards. Needless to say, next time we go to VB, it will be pool only!
There are organized activities for kids, but you will not be able to take advantage of the Kids Night Out program, b/c children must be at least four and potty trained. There are some activities that you can do with your two-year-old though.
VB is a beautiful resort!