Hi - Bay Lake is our home. We're usually there in August, but I could tell you some of the things we love about it. As far as room requests (I know they're not guaranteed - that's why it's a request) we've stayed in the North Wing with "lake points" and were able to see Wishes! from our balcony. We've also stayed in the South Wing and saw Illuminations!, the Frozen fireworks ( summer at the Studios) and the Electric Water Parade from that balcony. People also relax on the Skyway Bridge to watch everything. Some people request a room on the top floors for the best views. Others request a room on the same floor (5th floor) as the Skyway Bridge so you don't have to deal with the elevators.
Enjoy the 5 minute walk to and from the resort to the MK (when the monorail line and the busses are mobbed). You walk under the monorail line. Or - enjoy taking the monorail one stop to the Contemporary to get home. Enjoy taking the monorail over to the TTC to hop onto the Epcot line to go there (and back).
Grab one of the first b'fasts at Chef Mickey's and head to the parks when they open. This summer I walked over to the Contempo Cafe every morning when they opened at 6am and enjoyed watching the "magic" start up for the day - from the monorail overhead to the CMs setting up for b'fast at Chef Mickey's.
We also enjoyed a wonderful (7pm) dinner at The Cali Grill (next to the windows for the view) and then went to our room (since it was right there), put on our "park" clothes and walked back over to enjoy the MK rides at night while the fireworks were going off.
Bay View Gifts is a great shop. That's where you'll pick up your purchases if you have them sent to your room. We also went to the Fantasia Market to grab snacks and drinks for the room. They have everything (just like other stores in the resorts).
Enjoy the pool. My kids love the slide. I love the views - it's beautiful watching the sunset over Bay Lake with the palm trees and boaters. Throw on a towel and walk over to the Contemporary pools and enjoy their views of the monorail going through the resort as you relax amidst palm trees and tradition.
We did the Pirate Fireworks Cruise from the Contemporary. It was nice just walking back to our room when it was over at 11pm (after an amazing, long meet & greet with Peter Pan) and not worry about transportation back to our resort.
All resorts have their perks, but for my husband Bay Lake's biggest perk is its location. For me, it's the memories of being a kid in the '70s and seeing everyone enjoy the Contemporary when we were staying off campus. Now I get to stay in the heart of the magic and, as everyone here knows, that's a big part of the Disney magic.