We stayed in a deluxe Corner room and the area you are asking about is what we got. Probably the best view we ever had at Disney. The Corner room gave us a sliding door to a balcony that looked out towards MGM with a great view of TOT. Only the odd numbered floors (5,7,9 and so on) have these balconies in the corner rooms. Another wall had a large picture window looking across to the Swan with a view of the boat dock. Also along that same wall is a door that leads out onto the round columns you were asking about. This deck offers yet another nice view of the Boardwalk and Epcot.
We were on the seventh floor and I would guess that the higher you are the better the view. Also note that not all floors have the first balcony I mentioned.