We have stayed at several deluxe resorts (Grand Floridian, Poly, Beach, Boardwalk) as well as moderates (Coronado, Caribbean) and value (Pop Century and Art of Animation, although the latter often approaches the cost of a deluxe esp when booking suites, which is the majority of the rooms).
In our experience, all have pros as well as cons (=> cost -- at every level, the expense is dramatically more than you'd pay for a comparable off-site hotel). They can all provide a fantastic vacation experience. Just different flavors. The deluxe resorts are more conveniently located and are more luxurious, but the prices are absolutely absurd unless you can book at a significant discount (e.g. off-season, passholder/FL resident, through an agency that has seasonal discounts or as part of a convention, etc.).
Our favorite is Beach Club bc of the overall laid-back feel of the Epcot area resorts, the amazing pool, and walking access to Epcot, the boardwalk, and even Hollywood Studios (though it's a hike). If we ever do DVC, that'd be our dream location. BUT, the rack rate price is absurd and definitely not "worth it" from a strictly numbers perspective. It's absolutely a "splurge" and not a necessity.
If you have excess $$ in your budget and no better use for it, deluxe is a great experience. But if this is your one big Disney trip (or one of a couple big trips spread over several years), you can definitely stretch your money more and get better bang for your buck looking at cheaper options.
