Erika:
If you're on a budget, the Value Resorts may be your answer, and are a solid choice, especially if it's your first time at Disney and you don't have larger rooms, themed pools and phenomenal landscaping that the Moderates and Deluxes provide to which to compare your experience.... and I'm not being sarcastic. It's a lot of Disney bang for the budget!
But since you've mentioned the Moderates (and everyone's "budget" is different), sleep well knowing you've only missed Coronado Springs. But I like your two finalists: Port Orleans vs. Caribbean Beach Resort....and I have to say it's a tie in my book, considering the ages of your children.
However, here are a few thoughts that might help you decide what gives each resort a leg up!
- Port Orleans's biggest plus is the boat transportation to Downtown Disney. If your children are into Legos and you're into shopping, DD is a fun place to visit (and would give you a good counter service option of either Wolfgang Puck Cafe or Earl of Sandwich vs. the food court on the dining plan)....its pools are well-themed with slides and its landscaping as lovely as a Deluxe resort.
- Caribbean Beach Resort: although Port Orleans was renovated just a few years ago, you are correct that CBR's renovations are more recent and include Pirate Rooms for a preferred price or standard "Nemo" rooms. Its pool sports a pirate theme and a large water play area for younger kids. If your family enjoys pool time, this would be my recommendation. The rooms are the same size as Port Orleans and the campus as large.
Either would be a solid choice, keeping in mind that both offer only bus transportation to the parks. It just comes down to pool vs. boat in my book.
Wishing y'all a magical vacation!
Whitney