I'll be staying ON the Boardwalk for the first time this June...I've always wanted one of the condos on the Boardwalk, but never seem to get one. Finally, I got a 1-bedroom there! Surprisingly, it's not any extra points than a water-view, but they just get requested so often that they are usually the first to go. They only have a limited number that sit on the actual Boardwalk. Advantages: Close to the action - just head downstairs and down the hall a bit; Great view - watch sunsets over Beach Club and sparkling lights on the bay, with the boats going to and fro; Balcony life - people watching the boardwalk below, watching the entertainers, etc. from the balcony. I'm tellin ya, as hot as it gets in June, I may spend an inordinate amount of time back at the room this trip - it'll be as good as the parks!
Overall, I'd agree with Tim - it's the best resort for all the reasons combined - rooms, entertainment, food, design, atmosphere, etc. Old Key West has the biggest condos, Polynesian has the best grounds (stay there in February, when it's cool and the parks are empty - it's wonderful!!), and Animal Kingdom Lodge and Wilderness Lodge have the coolest main buildings/lobbies...but Boardwalk has a little bit of everything, and nightlife to boot!