Both resorts are very nice so I think you would have a good time either way.
If your primary interest is the Magic Kingdom, WL is much closer so you'd have a shorter transportation time. It's a bit of a long bus ride from POFQ (but not terribly long - it wouldn't dissuade me from staying at FQ again). You can take a boat launch from WL to MK, which makes for a nice ride. You are also within easy transportation distance from the monorail resorts, which have some great restaurants. WL shares a DTD bus with the Grand Floridian, which can make that trip a bit on the long side.
From POFQ, you can take a boat launch to Downtown Disney, which is (in my opinion) a beautiful, relaxing ride. DTD has some great restaurants too. It is a very small, intimate resort. It does share bus transportation with POR, so the buses can be a bit crowded sometimes.
Both resorts are fairly compact, easy to get around, have great pools and are very pretty. Travel times from both are roughly the same to all other theme parks. I probably haven't helped you decide here, but I as I said I think you'll enjoy either resort, so maybe pick the one who's theme you like best. If you'd rather save the $50/night, I don't think you'd be disappointed at all with POFQ. Have a great trip.
