I stayed there in 2010 and 2011. No need to pay extra for Preferred, unless you really just want a water view.
Do NOT do the pirates room. Call and put in a room request for Aruba 51, 52, or 53 with a garden view (preferred gets you a water view, if you really want it) or Jamaica 44, 45, 46, again garden or water "preferred" view. The end goal is that you are "near the bridge". They'll know exactly which buildings. This will allow you to use either the Aruba or Jamaica bus stops (we found that, even though we were staying in Aruba 51 in 2011, it was actually an easier walk to the Jamaica stop).
Another nice thing about these particular stops is that they are among the last to pick up and the first to drop off for many bus routes. This means most days you'll be heading straight to your destination (after a short stop off at Barbados, and at night you will generally (not always) be among the first dropped off instead of having to ride the whole property. This isn't always the case, as sometimes the busses use the main entrance off Buena Vista, which means they will go clockwise around the resort...but many busses enter through the second entrance off Victory Way.
It will also put you close to Jamaica's pool and laundry facilities and the bridge that crosses over to Old Port Royale.
Shutters, the restaurant there, is also worth checking out. The food court is the only thing I can't give the highest marks to. It's not...bad....? But it's not very good either. On par with the Pop food court, in my opinion.
The place gets a bad rap a lot, but we only had good experiences there (outside of wifi in 2010...in 2011 they can cabled internet back, but now I'm pretty sure they are back to Wifi)...