Every room in the resort is undergoing refurbishment, and they have thus far finished the 5th (top) floor and are said to be currently working on the 4th floor. Disney is usually pretty good at keeping guests away from heavy duty work, and only do a handful of rooms at a time. You do run the risk of being near said work however. In addition, the counter service restaurant Captain's Grill and lobby bar, Ale and Compass are undergoing heavy duty renovations. There is a new quick serve/grab and go available in the gift shop, and Yachtsman Steakhouse and Crew's Cup lounge are open for food. The convention center in front of YC is also undergoing a relatively long refurbishment.
In all, there seems to be heavy duty construction going on around the resort, so the short answer to your question is that *I* most likely wouldn't book there this calendar year, but it depends on your tolerance for seeing construction/walls put up etc. A few years back we stayed at the GF when the lobby was under heavy construction, and while it was a bummer that it wasn't at full operation, we really got over it pretty quickly.
The pool will still be there though, and that is pretty spectacular!
