My girlfriend and I stayed at CCV on our late January/early February trip. I had fond childhood memories of watching the Electrical Water Pageant from the balcony of our room when my family stayed at Contemporary once, and I wanted to be able to experience that again. I used
Touring Plans room view tool to try to figure out what kind of room might be best, and I ended up requesting "5th or 4th floor, odd-numbered room with view of Electrical Water Pageant."
We were assigned room 5111, and we were quite happy with it. If the timing is just right (and on our very first night, it was), you get a great view of each float as it passes through the clearing in the trees when you look out towards the right. If you're even more obsessive about it than I am, you'll want to go down to the dock to watch it for a more unobstructed view. But it was great being able to just go back to our room around 9 and unwind while we waited for that great music to start playing.
I can't speak to the views on the other side of the building, but I will say that you should highly consider requesting an even-numbered room if you're the type that goes back to your room in the afternoon for a nap. Thankfully we aren't, but one afternoon we decided to, and the noise from the pool (they were playing a trivia game at the time, I believe) made it a little difficult. The pool on the other side is supposed to be much quieter.