Although it is possible to walk up along Formosa Gardens to a few shops and restarants, it is a long (and in the summer, very hot) walk. I think there is a pavement/sidewalk along most of the road, but when we were there a few weeks ago there were very few people who did this walk. I was hoping that the shops would be close enough for my parents to walk to as they didn't have a car of their own. When we got there it was clear that it was much too far for a comfortable stroll, so we went everywhere by car.
The Formosa Gardens area is our favourite location for a villa. Very quick to get to Disney (especially Animal Kingdom), easy access to the I4 and to a range of shops and restaurants, but far enough away from the excessively 'neon-lit' areas of I-Drive and the 192. All the villas that we saw in this area seemed new and spacious.
Regards
Rob