I have an 02 Wakesetter VLX. Because we mostly baord, I can't say much about our ski wake other than others have told me that it's "good" but not a "competition wake". The wakeboarding wake...awesome!...even without wedge or ballast...the Bu just has a great shape.
As for the room, I also have a family of 5 (and we always have others joing us) and the room is awesome! We have maxed out the occupants (11 people - kids and adults) and it never felt cramped. Overall the storage is good, yet the individual areas are too small for boards so racks are a must. We actually had to get a second set of board-racks 'cause we have 4 boards and we needed room for our friend's boards.
My kids love to run and jump off the sun deck (engine covers), they play there and on the swim platform constantly. It's a good space for kids.
Also in the Bu, the captains chair can turn into the center of the boat. We pop the table in for lunches and it is just super...and I had thought the table was a dumb idea at first. For fams, it's a good thing.
The seating arrangement played a large part in our decision. We brought the kids to the boat shows and took them out on our friend's boats and watched their reactions.
So far, 130 hours and not a single problem. I'm not unhappy at all.
Hope that helps a little.