Hi Susan,
As a Disney Vacation Club member, I love using my Vacation Points at
Bay Lake Tower at Disney's Contemporary Resort. Right next door,
Disney's Contemporary Resort is a great resort. I assume that you are considering a Deluxe Studio at Bay Lake Tower, since this is the closest to a traditional hotel room. If you are interested in more space, you might consider a one-bedroom villa at Bay Lake Tower, which are expansive and amazing.
I did a quick comparison of the prices of a Theme Park View Deluxe Studio at Bay Lake Tower and a Tower - Theme Park View Room at Disney's Contemporary Resort. They are close in price; however, since the Walt Disney World Resort and Disney Vacation Club have different seasons for pricing, there are certain times of year when the difference can be a bit more. I suggest that you follow the links above to the websites for the resorts, choose "Room Rates," and then choose "View Seasonal Pricing." This will give you a calendar with specific nightly rates.
At either location, you can get a view of the fireworks. Bay Lake Tower is a little closer to the Magic Kingdom. Disney's Contemporary Resort has the monorail and restaurants directly inside. This might make Disney's Contemporary Resort a little more convenient, but it also has a little more hustle and bustle, so if you are looking for a quieter location, Bay Lake Tower might be a better choice. Finally, the Deluxe Studios at Bay Lake Tower are just a bit smaller than the rooms at Disney's Contemporary Resort.
I would love to help you plan more Susan; however, I am limited in the amount of space that I have to answer. Please do not hesitate to ask if you have any further questions!