As for accommodations, I will always gravitate to lodges on the river versus in town, as I think the Zambezi experience is part of what makes the falls experience so unique.

...Victoria Falls River Lodge is also a personal favorite after staying there for a birthday. Waking up overlooking the mighty Zambezi is something magical... On the Zambia side, Tongabezi is a personal favorite of mine after staying there this past spring. It offers an authentic, peaceful experience with amenities like personal butler service... It was a great way to end a high action safari trip.