I am not concerned about Disney's current price cuts as a DVC owner for two reasons (though I do hope the economy picks up for all of our sakes!).
1) When we bought into DVC we used DISCOUNTED rates as the basis for our comparison. We NEVER pay rack rates... why should we use that for our calculations? You won't find $139 at the Epcot resorts... more like $169-189 depending on season and rack rates. We often go to WDW in January. We figured that our points cost us about $7/point (rounding UP liberally) including interest on the loan and including yearly maintenance fees. In January, one week in a standard studio is 85 points or costing us $595. With tax that same discounted room is $1313+ for the week. For the highest possible point week (christmas and easter) it's 181 points for the week in a preferred view, or $1267 at $7/point. WORST case scenario of my DVC purchase is that I am paying the same as those who are getting those great discounts, but more often than not I am paying far less than even those discounts.
2) What happens when there ARE no discounts? This past year was the first time ever that WDW has offered discounts christmas week... but I remember just a few years ago during the millenium celebration the complaints by people about the lack of discounts available. I remember thinking how wonderful it was to not have to worry about discounts... just book with points and go. I am sure that over the next 40 years the economy will go a few more rises and falls and I'm sure the day will come again when discounts are few and far between (and much less than the 45% off we've been seeing).
Lisa