Moderates are, in general, the best "bang for your buck" out of the WDW resorts IMO. The step up to a mod from value is like going from a hotel to a resort. Decorations aren't quite as extensive as the deluxe resorts, but in general are better than values.
I will also join the chorus of praise for WL at Christmas - and in general. It's one of our favorites, and we've stayed at every level of resort. Renting points can be a great way to save money, but the more popular times will go quickly. Also, make sure you read all of the policies for whatever site you choose. Typically, you will have to pay in full at the time of your reservation, and you will not be able to cancel for any reason. (Also, remember that WL villas is currently under renovation)
As for the moderates, POR and POFQ are both great resorts, and look great during the holidays. We also really like CSR - its a convention resort, and has a few more amenities compared to the other mods. If you don't like walking, and reliable bus transport is a big deal, then POFQ is the best option IMO.