We have stayed at both...
With that being said, I love, love, love the VWL during the holiday season.
I also love how close BWV are to EPCOT (our favorite park).
Pros for VWL:
*close to MK
*beautiful grounds
*small
*quiet
DVC pool area
*great on-sight restaurants
Cons for VWL: (not many)
*Not within walking distance to a park
*sometimes the water taxi and buses can be crowded and the wait can be a while.
Pros for BWV:
*within walking distance to two parks
*great for walking after EPCOT closes (no crowds)
*within walking distance to EPCOT's excellent restaurants
*the option of using points for different views is nice
*the BWV is very bright and lively
Cons for BWV: (not a lot)
*no restaurant on site (however, there are some really nice restaurants on the bw and you are very close to EPCOT)
*pool can get a little crowded
*parking can be a little far (only if you have a car and plan on using it daily)
Overall~I truely believe you really can't go wrong with either place. They are both unique and lovely in their own way.
Since you have not stayed at the BWV before, you may want to try something new...just a thought!
Have a wonderful time!!!!