what would you do? Utilize 40% off room only (AKL) or free dining (POFQ)?
I think more information is needed....how many in your party and age? If its straight dollars and cents, then figure out how much your room would be [which may change slighly based on room type/view] and multiply it by .60 to come up with your room cost.
For your free dining, add (the number of adults x the price of the dining plan) [which year are you going, as the price changes in 2012] to the number of (children x price of plan) to come up with your "savings".
However, you should also consider the following:
1) would you get a dining plan if it was not "free"? If not, why not? If it doesn't really "fit" you/how you eat/etc. then it may not be good deal for you, as while the program doesn't cost "extra", hence "free dining", you will pay rack rate for your room, so you are "paying extra" already....
2) One upside to a room only discount is you KNOW you saved money from the sticker price. The catch with "free dining" is you may OR MAY NOT actually save...
Follow me, for a moment. If you book a room only, then you can place "real money savings" straight into your pocket from the outset.
With the dining plan, IF you use all your credits, you MAY have "spent" enough money to offset and "save". Credits left in your pocket at the end of your trip, or if you go to an less expensive restaurant, or order the least expensive entree MAY cause you to not "maximize" your "discount"..you won't know what *real savings* you have until your trip is all over....something I suspect Disney knows and factors in...the psychology says "I got it for free..." so a person gambles a *known* discount upfront in hopes of getting a better deal later....you are betting that over the trip you will consistently spend more than the value of the dining plan, Disney is betting you won't....
Only you can decide which discount will be best for you....have a great trip!