The treat-yourself-splurge can certainly be understood on a vacation. For many, that's the whole point of a vacation.
But even when splurging and treating yourself, nobody wants to flush money down the toilet.
For someone who really wants maximum flexibility, with the most fine dining, and highest food quality and quantity, the DxDP does still offer fair value. (If you want signature meals every night, for example).
But... on the level of the regular
DDP, at 2011 adult prices, I think most (not all, but most) people would be better off putting $45-$48 per day on a gift card, instead of buying the DDP. For the same price, I think most people would get more flexibility, and more of the food you want to eat.
For example, you want to get a food court bagel with cream cheese + coffee for breakfast, pizza at Via Napoli for lunch, and the chicken breast from the Coral Reef for dinner. Skip desserts, and drink water:
Cost, if using the gift card approach: About $43.
Cost if using the meal plan? Well, you could use your CS credit for the breakfast, the bagel and coffee. And use your TS credit for dinner. But you would then have to pay for that lunch OOP -- Meaning cost, for the same meals on the DDP: About $62
Or... let's say on your Magic Kingdom day --
You want to do a resort breakfast platter for breakfast (about $7), for lunch, Cosmic Rays, bacon double cheeseburger, plus soda, plus strawberry yogurt (About $14), and then you decide to do dinner at Tony's, where you get the spaghetti and meatballs, plus a soda, plus a bowl of soup. (About $25).
So paying OOP using a gift-card -- Total would be $46, about the same price as the dining plan.... But if you were using the dining plan, this combination would not be covered. We used 2 CS meals, plus we used an appetizer: So to get this meal on the DDP, you would need to pay extra for the breakfast, and pay extra for the soup-- So if you were on the DDP, this Magic Kingdom day would cost about $58
One last example-- DHS day-- Start the day at Starring Rolls, get a coffee and croissant (About $5). At lunch, a burger from the Sci Fi drive-in, with a milk shake. ($18). For dinner, Pizza Planet, pizza + salad, plus soda, plus dessert. (About $12).
This basically matches what you could get on the DDP -- Except your morning coffee will be OOP.
So with the gift card approach -- total price -- $35. For the exact same food, using the DDP approach, about $49
I'm not arguing against splurging while on vacation. I'm just suggesting for most people, you will get a better splurge experience with a gift card.
If someone has the goal of truly splurging on tons of TS meals, fine dining, etc -- Then there is some value to the DxDP. But if the goal is to "splurge" at the $45-$50 per day level, I think most adults would find better value by just getting a gift card.