I'm no expert here, but I just got back from my first trip to Telluride.
We wanted a ski-in/ski-out place that was accessible by my wife, who is a green-level skier, so that right there made our decision: Mountain Village. If you're looking uphill, in general the greens are towards the right, the blues are in the middle, and the blacks are on the left, and MV is on the right and town is on the left.
We stayed at the Blue Mesa, and were quite satisfied. Big room, locker room downstairs, good location. You can't literally ski to the door - you have to walk across a small courtyard, but that's no biggie.
We did end up taking the gondola over to town almost every night for dinner, so if I were in a group of only blue/black skiers, I'd consider staying in town next time.