I would definitely pay for a pool or garden view room at the CM, as I believe most of the standard doubles look out the front (north side) of the hotel. Most of the front is very nicely landscaped with long ponds on the approach drive and fountains, but on the east side is the car park and not even this hotel can make that look attractive !! Factor in noise of arrivals, departures, deliveries and the (albeit fairly distant) road and it's definitely to be avoided.
Having said all that, we didn't pay for one, but I e-mailed the hotel before we went requesting a garden view and we got a very acceptable room on the west side. If you pay I would imagine you're placed on the south side where all the main gardens and pools are, with the sea beyond and I'll definitely do this when (not if !!) we go next time.
With the VC, the entrance/driveway is much, much smaller and I didn't even see a car park, so it maybe wouldn't be such an issue. As I mentioned, it was much quieter than the CM and that's maybe because it's building up it's clientele, so you never know, there might be the oppurtunity of a free upgrade on arrival and if that doesn't materialise you could always pay the extra at the hotel if you weren't happy.
We had a junior suite which was very spacious, in fact as I said in my review, I was just expecting a larger room whereas it was two separate ones. More of a suite really and I wondered whether we'd been upgraded, but when I checked on the last day they confimed it was a junior suite, so very impressed. The standard rooms I'd imagine are the size of one of the one's we had, so pretty spacious and my wife was very impressed with the amount of wardrobes/drawers.
Regarding the location of restaurants and bars, I'd say the VC is about 400m from the nearest one's, so not far. However the location of the CM really can't be beaten. Come out the back gate and there is the Maspalomas lighthouse right in front of you. To the right are all the smart shops, restaurants and bars some of which are actually built into the sea front side of the hotel. All the rooms are far away from this though, so noise is not an issue. To the left are the more traditional shops and restaurants, in that they've been there much longer and are not part of the new development that came when the CM was built. Come out the front entrance and directly across the road is an emerging shopping centre with more restaurants etc and then there's the casino and another shopping centre to the left.
We were half board so didn't eat out at all, but people we met who were on B&B thought the restaurants were very good. I can certainly vouch for the bars too.
Tricky deciding between the two. As I mentioned, my wife just preferred the VC but I loved swimming up to the edge of the CM's infinity pool and gazing out across the prom to sea. Whichever you choose, I doubt you'll be disappointed.