If this is what matters to you, then, no, you aren't missing anything. But how many times have you returned from Disney World and said you need another vacation to recover? Staying at a deluxe villa is more than just a place to shut your eyes between park closing and rope drop the next morning. If you are satisfied with a moderate, then the savings take a long time to come. But you would still save money over the long term, even compared to a moderate, as long as you purchased from the secondary market.