Chobe Game Lodge is the only permanent lodge within the boundaries of Chobe National Park. This gives it an advantage IMO since you get going on your morning game drives earlier and stay out later in the evening than those staying in the lodges outside.

I woudn't break up 2 nights over 2 camps. For me the main idea of a safari is to settle into a different rhythm, absorb the atmosphere of the bush and chill out. Chasing from camp to camp totally derails that.

The Vic Falls Hotel is a classic of colonial elegance and style. It is nicely situated a short walk away from the town, falls viewing area and the bridge. The Royal Livingstone is a much more modern affair in on the Zambian side and actually on the river above the falls. Where you choose to stay might depend on whether you will fly to Livingstone in Zambia or Vic Falls in Zimbabwe. Having said that you will almost certainly cross from one side to the other to enjoy the falls from all angles.

BTW, unless you plan to do more than visit the falls (i.e. bungee jumping, river rafting etc.) you really don't need more than a day. You might prefer to extend your safari time.