Will you be hitting the parks from dawn to dusk, more or less using the room as a place to crash, without a lot of down time?
Is having one or more onsite sit down restaurants, or nice lounges, important to you or anyone in your party?
How many of your friends will be in any given room and will the tight quarters be a problem? Any "couples" because the possibility of sharing beds that size might otherwise inconvenience even the closest of friends.
Do you and your friends enjoy all those little Disney "magical" (for lack of a better word) touches they use in the resorts to make you feel like you're someplace unique, away from your troubles and the real world, etc? Or does anyone want to be "plugged in" to the real world?
Do you need/want a refrigerator (though you can order one for an extra fee at Values)?
Any chance you'll have access to your own transportation, for those times where waiting on line for a Disney bus seems interminable (though of course, if you're offsite, having your own car is much more practical, even if it is more expensive)?
The more "yes" answers to the above questions, the more you'll be OK at a Value.
But if you're still in the planning stages, check out sites like mousesavers.com, for some possible ideas on getting bigger rooms for less money.
Some other different questions
Is anyone in your party a teacher or government employee? If so, you'll be eligible for some potentially great rates at the Swan or the Dolphin. Not Disney resorts per se, but much bigger nicer rooms, you'll have access to Disney transportation (though not Magical Express), walking distance to 2 of the four parks. It's worth the inquiry at least.
Is anyone in your party thinking about going back to WDW within a year's time? If even one person in your party buys an annual pass, you'll be potentially eligible for deep room discounts, unless you're taking advantage of some other offer like free dining that requires you to pay full rack rate for the room. And even if no one is planning to go back within a year, depending on how long THIS trip is, it might be worth everyone ponying up an extra couple of bucks to upgrade one person's ticket (use a lottery system to see who the "lucky" winner is) in order to get the discount.
One other it's-worth-a-shot suggestion - call Disney direct and ask if, during the time you're planning on going, if they have any special promotional offers. Sometimes they offer deep discounts to stay at Old Key West or Saratoga Springs, either of which I'd take any day of the week over a Value.