We have stayed at both, and for my money, the Contemporary beats the WL hands down. The rooms are HUGE, the bathroom layout is phenomenal, and the ease of transporation is a huge factor. The staff was very friendly and accomodating. The pools were nice, even though it was too cold to swim, they looked great-- not really themed, though. And it was a fantastic bonus to be able to walk to the MK! We think of the Contemporary as "Mickey's resort" because everywhere you look there are images of Mickey. We liked the energy and the urban feel. The shops were great, the restaurants were great, and the kids love the huge game room. To us, the Contemporary is a walk back in time when WDW only consisted of the MK and the Poly and the Contemporary, and to think that Walt oversaw the plans and construction make it more special!
The WL was beautiful in a masculine sort of way... very dark. The rooms were tiny and made to feel more tiny by the oversized furniture in them. The pool was fantastic, as were the guysers. The transporation left alot to be desired. The staff was nice and accomodating.