We always stay in Alligator Bayou. The mansions are just too "formal" for our taste - just personal preference, though. I personally love the dense greenery in the Bayou. While there are no "bad" locations because of the multiple bus stops, on recent trips I've paid extra for a preferred location (bldgs 14, 15, 18 and 27). Again, just personal preference.
One quick tip to avoid getting lost: the sidewalks that lead directly to the water (and therefore main resort services like food and the feature pool) have a wood plank design stamped in them. The other winding sidewalks are plain concrete.
A great resource is the fan site portorleans.org.