Alissa.... For $49 a night, I'd take the All-Stars, but I am the queen of off-site so I can also tell you a couple of good places. I use Priceline so if you aren't familiar with the technicalities of it, you may want to check out this website beforehand...
BiddingForTravel
I have never paid anymore than $35 per night for nothing less than a 3* hotel... in fact, I got Marriott World Resort for $32 a night a couple of years ago.
You may also want to check the Downtown Disney Hotels. They have lots of deals at different times of the year including $29 per night for The Courtyard by Marriott (one of my favorite chains). Alot of the amenities allowed to onsite guests are also afforded to the guests of these hotels. Check here for the info:
Downtown Disney Hotels
All-in-all... I have never had a bad off-site experience, however, with the rates the All-Stars are offering, I would definitely take it.