Welcome to the DIS
We just returned from a week in a 1 Bedroom Villa at the Boardwalk Villas. We loved it there. It is our 5th time renting directly through Disney's CRO. fla4fun had a great summary for you. We do not rent points from an owner because making a FIRM, contractual commitment that can not be changed or cancelled 11 months in advance is not something I can do. So we rent from Disney.
We have stayed in 1 and 2 bedroom Villas at the Beach Club (BCV), Boardwalk Villas (BWV) and Old Key West, (OKW). The Villas at OKW were far larger than the others. It was beautiful and very peaceful there. I would go back. Our favorite is the BCV with its close proximity to World Showcase (WS) in Epcot. We usually spend most evenings in WS, we love it there. We also like being able to walk to the Studios from this location. The Boardwalk and all of its entertainment is also a short walk away. (I wish I was there now

). Also at BCV you have access to Storm Along Bay (SAB) which is the best pool on property, IMHO.
The Villas are beautiful and each is themed differently.
The 1 bedroom has a fully equipped, full size kitchen, a living/dining room with a Queen sleeper sofa, a Master Bedroom with a King size bed and a split bath. There is a whirlpool tub in the bathroom and a stacked washer/dryer which is very convenient. Each unit also has a patio or balcony with chairs.
The 2 bedroom adds a second bedroom to the 1 bedroom with most often 1 Queen bed and a double sofa bed and a second bathroom. There may be a small kitchenette if it is a studio connected to a 1 bedroom. At OKW the second bedroonm will have 2 Queen beds and no sofa.
All have pools, hot tubs, a restaurant etc.
We love staying in the Villas and are now spoiled. We will not stay anywhere else.
There are pictures of the units here on the DIS, on the official WDW site and at allearsnet.com
Good Luck with your decision.