I think it depends on your goals for the trip. I know you said you wanted to make it magical for your little one but that can be done no matter where you stay. AoA is cute as far as theming and the grounds go. Underneath it all (the rooms) it is a value resort and, for me, not worth what they charge, you can get a moderate and sometimes a deluxe for the same price. CBR is a nice resort, yes it's bigger and does have more than one bus stop. It's not my favorite moderate, that would be POR, but if it were less than POR or CSR, I'd stay there in a heartbeat. AKL is a beautiful resort, from the moment you step into the lobby you are in awe. Even if you don't have a savannah view room, there are plenty of opportunities to see the animals.
Are you going to be spending all your times in the parks or part of your time enjoying the resort? If all your time is in the parks, I'd say go with a moderate or a value other than AoA. If you are going to be spending a lot of time at the resort, and the budget allows, go to AKL or any of the other deluxe resorts. I'm a huge fan of Yacht Club but that is just because we spend most of our time at Epcot and HS, both of which are within walking distance. The only time we ride a bus is to AK, we take the dreaded monorail to MK (I hate the thing, it seems to either break down or have to stop for 5 min. every time we ride it).
As far as the dining plan, only you can decide if it's worth it. Look at menus and be honest about what you would eat. Do the math and then compare paying out of pocket. We don't use it any more but only because it just doesn't suit our style of eating. I eat breakfast, my son doesn't. So I get a kid's breakfast since that is more than enough food for me or a muffin in a park. I'm not a big meal eater so again if we are eating QS, I tend to get a kid's meal. I don't drink soft drinks and neither does my son. My son likes a good TS meal (as do I) but he prefers to kind of graze during the day. When we eat TS I tend to get an appetizer and soup or a salad, again just not a big meal eater. We rarely eat dessert and rarely eat snacks between meals. It just depends on what your eating style and comfort zone is. A lot of people like it not because it saves them money but because it seems easier to not to have to look at prices on the menu and just pay up front. No one is right and no one is wrong.