Honest opinion from a DVC-WL owner
I'm a DVC member at WL so I obviously love it there. My wife and I have been going for years and love the more "serious" (as someone used) side of the theme. It's very relaxing to us and absolutely beautiful architecture, not to mention Artist Point is one of our favorite dining experiences. This year we're taking our 1 year old (Sep 25 - Oct 5) and can plan well as we know the resort.
I will say this as a completely honest and neutral opinion. If we were traveling with multiple kids and/or on a tighter budget, we most likely would be spending more time in the parks or more focused on a kid-centric theme. Thus, the deal that is going for the All-Star with dining included is great! You really have to think about how much time will you spend at the resort? Enough for the adults to try to relax and justify the expense? Perhaps not.
Since your friends are at WL, I'd stick with the reservations you have. Make sure to visit them at the Lodge and if time permits, grab diner at Artist Point (knowing it's something the grown ups will really enjoy). Check out the convenience of the boat shuttle to MK, the themed pool, and the walk around the geyser. Then if you really like it (it does offer a lot), perhaps you can stay there on your next trip. That's how we switched from staying at Caribbean Beach each year to WL "owners", one visit and we were hooked. Of course after one stay and spending tooooo much, we joined DVC so we can stay there affordable now (no marketing intended, just helpful explanation).