Ultimately, BCV reminds me a little bit of Le Cellier. Le Cellier is a perfectly fine steakhouse. But, if you listen to most folks in the Disneyana community, it is The Best Restaurant On The Planet, and one at which you must eat or your trip to WDW will be positively ruined. In part, it has the reputation it has because it is hard to get---it's popular because it is popular.
BCV has a little of that going for it as well. It's small in terms of # of units, and that size plus all the wristbanding/card checking at the pool adds to its perception of exclusivity. Once you make something obviously exclusive, there's a certain extra cachet that goes along with it.
Is it a nice resort? Absolutely. Is it the favorite of some? You bet. But, from my perspective, it isn't all *that* different from BWV.
I tend to disagree with this assessment. Firstly, I've never heard anybody call Le Cellier the Best Restaurant on the Planet. I recently asked some dining questions, and was surprised actually at how many people described it as "overpriced", and average. I have heard people describe Victoria & Alberts as a once in a lifetime experience, and judging by it's recent 5 star rating (one of only 2 or 3 in all of Florida, and less than 100 in the USA) I'd say that's a fair assessment.
As for BCV, I think it's simpler than you're making it; it's small. It's hard to get into b/c it's a GREAT location, and there are a very limited number of villas (
DVC-wise). The wristband/card checking is not done to promote exclusivity, it's done out of necessity. They aren't doing it to keep people in, but keep people out. It's simple: if they didn't limit the SAB access to resort guests, it'd be a madhouse.
I think you can create a phony air of exclusivity that would last for about an hour. I don't think BCV falls into this category; I think there are a lot of DVC members who cherish the location and the atmosphere, and the DEMAND is what makes it popular, along with size constraints.
It isn't all that different than BWV in that it's in the same basic location, and it carries a similarly "turn of the century" coastal theme. As for the size, noise, pool, parking, convenience of resort mobility and overall feel, I think it's quite different.
Everybody has different likes, that's why they keep building resorts.