I haven't stayed at CBR so I don't know much about it. However, we chose WL for our 2001 trip. It was my DH and my boys first trip. They were 4 and 7 at the time. The WL made for a completely magical trip for us. So much so that we can hardly see ourselves staying anywhere else now and we will be there again in Sept.
My oldest who rarely ever shows excitement over much of anything just about died when he walked in the WL for the first time. I will never forget the expression on his face when he saw the lobby. He was in total awe. My boys loved the geyser, the pool slide, and the hot tubs.
The boat to MK is a plus since that's the park we were in the most. We did not find the buses to run slow at all. Our longest wait at the WL was no more than 10 minutes. We found the wait at EPCOT to go back to the WL the longest wait of about 15 minutes. Most mornings there was a bus waiting or pulling up when we got the the loading area.
We ate at Whispering Canyon one evening and my boys had a great time and the food was pretty good. My then 4 year old still remembers the maids folding our towels into all kinds of fun animals. He still talks about that today. The WL made for a very magical trip and I highly recommend it!