To me, it's worth $0.00.
I look at buying DVC the same way I'd look at buying a car. If one dealer will sell me the same car for $1,000 less than another, I'd buy the best deal. The only difference with DVC is the savings are MUCH greater than my example.
The restrictions on resale points are, IMHO, a blessing in disguise for prospective buyers because they force us to focus on the real value of DVC, not the timeshare salesman's spiel. If you research the points costs, additional cash fees and limitations of the restricted options, I think you'll realize very quickly that they are worthless.
The real value is using your points for DVC stays, and everything else is just gravy -- and none of those "perks" are guaranteed to either direct or resale owners, BTW.
The only real advantage I see to buying direct is buying a very small contract that you can't find on the resale market.
People cite getting your points right away rather than waiting for the resale process. If I were spending $20,000 or so on a timeshare, I'd wonder how
really important that 6-8 weeks delay was in the context of a 30-50 year ownership.
Is a quick reservation really worth it? If they think so, maybe they might want to slow things down a little and think about what they're doing.
Another common "benefit" of buying direct is to buy at new resorts before resales start popping up. Really? Why not just buy something else resale for half the price and book at the new resort at 7 months?
I think the real reason many purchase direct is because they have to finance and Disney has easy (but very expensive) financing. They'll give you a million "justifications," but that's the
reason.
Incidentally, there's another almost identical thread here:
http://www.disboards.com/showthread.php?t=3168856