We have had some wonderful vacations here with our little ones and they both prefer it to WDW (which they also love).
Some hints for first time visitors. We went into the town and bought a fantastic sea turtle kite at "Sea Turtle Toys" which I believe has moved now but is still in town. We also bring a toy sail boat we got at home in Toronto - the kids love playing with them and made lots of friends with both.
http://www.mastermindtoys.com/Gunther-Albatross-Sailing-Boat.aspx
I'd recommend the character breakfast over the pirate dinner simply because of the food (the dinner is very fun and high energy though if you are just going for the experience).
There is lots to do for every age, and the friendly staff there is what makes Vero so great and they love to stop and chat with kids (they remember people who become regulars and return year after year). My daughter is really looking forward to being able to do some of the big girl activities this year but I imagine she'll miss the unbirthday party. Make sure you schedule that, a turtle troop and your dinner reservations on the night you arrive.
I'd recommend doing a river cruise to go see the dolphins too.
We've watched a naturalist dig up a live baby turtle and release it after a hatching and on our last trip we saw manatee on our arrival floating along just past the shallow parts.
Oh, and if you go up to NASA, schedule a whole day, there is no way you can do it in a couple of hours like we thought when we went the first time.
Forgot - the internet link is truly dreadful. And we've had both studios and inn rooms, and while you could see the ocean in the studio, it was only while you were at the dinning table, so I'd recommend the inn room if you want a nice view.
There's a big gap between our last trip and this next one coming and I miss it dreadfully. Have fun everyone!