Well we were going to stay at POR no matter what,due to it being cheaper, but my brother started the Disney College Program and we learned we could receive a pretty nice discount..so we decided we might try something different..
If the CP discount puts a room at WL the same or cheaper than POR, go with WL. It's a smaller resort (ignore the big square box comment). Everything @21stamps said is correct. The lobby is stunning - no other resort has as stunning a lobby, and I'm including GF.
Here's a picture of the lobby at Christmas.
Ignore the curve of the picture...