Just got back. This is a bit long - so here is the summary...
If I was going again with my kids, and debating between HIFS and V V, I would stay at V V for most of the stay, and then move to HIFS for the last couple nights (but I didn't actually stay at either). If I was also considering CS at $89/night, I might decide to stay there for the last couple nights instead to settle my curiosity (actually, I settled my curiosity with PO-RS for $89/night) - but your kids aren't going see it as a comparable replacement for HIFS if they already know anything about THAT place (mine didn't, anyway). The hotel moves (we did 2 in 11 nights) really weren't a big deal. I thought it might be a big hassle, but it wasn't.
Here's the long part....
My kids are 4 and 7. The first place we stayed was in a "Sleepy Bear Den" room at St. Pete's beach Travelodge. The hotel itself was a little low end for my tastes - but we stayed for free on Travelodge points that my my husband has from busniess travel. The room was actually nice - they were all renovated a year ago I believe. There were nice grounds at the back with beautiful gardens and lots of lizzards for the kids to chase. Our room openned onto these gardens. The hotel was also right on the beach. The room had a microwave, half size fridge (bigger than a bar fridge), kitchen sink and cupboard, good size table where two could sit comfortably side by side, and a closet. The decor was kid-ized with the Sleepy Bear character decorating comforters, lampshades and drapes. It had Nintendo available over a hotel network- 7$ for an hour of play.
Second place we stayed were the Tropical Palms cabins in Orlando. Two bedrooms, full kitchen, deck. Not fancy, but comfy. Nicer establishment than the St. Pete's Travelodge. Very relaxing to return here after a day in the parks. There was also a sleeping loft for kids. I didn't let mine sleep there, as I was afraid they'd get up in the middle of the night and fall down the ladder - and the 7 year old is a sleepwalker. The kids loved the loft anyway and it was a great play place. Lots of lizzards, squirrels, racoons around the grounds, all of which had great kid appeal. This place also had the friendliest guests.
Third place was Port Orleans Riverside, our last 2 days. At $89 /night, I couldn't pass up this chance to see what a Disney Resort was like. It really was very very nice. Fanciest place we stayed. Best beds. Really nice grounds, pools playgrounds. No lizzards, but some bunnies. But from the parents' perspective - just too crowded. Our room didn't even have a closet so we had to have the luggage out and about, and while it did have two bathroom sinks outside the bathroom for convenience, it didn't quite match the convenience of kitchen facilities available in the same size (approx) room at the Travelodge. Smallest bathroom too. From the kids' perspective, I quote my 7 year old - "Well, its just, you know, fancy...no Nintendo, no Loft, no Sleepy Bear stuff...". She wasn't overly impressed. I'm glad we tried it - Disney really does do some nice things with its resorts - but I'm also glad we didn't try to spend our whole vacation in a hotel room, Disney or otherwise. btw, the serpent slide pool at PO was closed because someone barfed in it...this stuff is basically unavoidable I guess.
And last but not least ... we were all set to go with HIFS some months back, before we heard of the under 5 pool diaper rule, which wasn't a hassle we wanted to face on vacation with my 4 1/2 yr old.. My daughter (7) never quite got over the idea of bunkbeds and HIFS theming though. It really does appeal to kids. In retrospect, I'm glad we didn't spend the whole stay there either - I liked the two real bedrooms, loft, full kitchen and deck at the cabins - and the abilty to just walk right out the door. Just more space. We also seriously considered V V - it was pretty much a coin toss decision to go with TP. Our final judgement, after trying various levels of accomodation, is that space rules for parents and kids stuff rules for kids. If we go back within the next couple years, we'll stay at some suite place - maybe Tropical Palms again, or maybe V V or something else, for most of the stay - and then we'll go to HIFS for the last couple nights to let the kids have their fun.