There are small hooks.
Deal is really good on 7day PH for Disney (already bought 2 and will buy a 3rd next month). However, if you want to visit US then your better off getting those tickets directly from US site (not HWSC). As for PH your allowed to purchase up to 10.
It is true that you'll get you $5 credit back for giftcards which really is a good savings especially if you give them out as gifts; however, you do have to pay at least one or two months fees to get the credit back. In my case I did order a number of the giftcards (as I usually buy them for x-mas gifts) and found them to be a good value. You are allowed to purchase up to 15 of the various companies gift cards per year (I just checked mine for Kmart, I've already ordered 4 gc and can only order 11 more) and I've checked Barnes and Nobles as well and same thing (I can only order 12 more for rest of year). As for expiration dates, the ones I ordered I believe had 2006 on it and then after 2006 it looses so many dollars per year if unused (don't have them in front of me to reread).
As for show tickets, well your allowed 100 per year and can only buy them in lots of 10 at a time. I've ordered about 20 to date. The voucher also states (as does the website) that you will not be allowed into the show until after the first week of its release. (website says 10 days, but voucher says after first week of release). I haven't used these yet as I am planning on going to Disney in 2 weeks and don't have the time to see a show and most that I have ordered are benig given away for x-mas gifts as well.
As for Q&C meal vouchers, you can order up to 40 (I've ordered 4 for my next trip) and have up to 36 more to purchase. Of course the hook here is that the current ones have the expiration date of 5/31/05. I would've probably ordered 2 more but if I don't use them I know I'm not going back before 5/05 and I don't want to go through the trouble of getting rid of them so I only bought what I know I'll use. Additional hook on this is I think that I recently read that the Q&C will begin having 2006 date in January 2005. If this is so, I may order a few before canceling and pray for the best.
I don't think HWSC is a bad thing especially with 30 day free trial but if you think that you'll buy gift cards and movie tickets on regular basis it certainly may be worth your while to pay for a few months.