We live 70 miles from DL... and I would strongly encourage you to rent a car! Drive OUTSIDE of the traffic commuting hours and it's a breeze. This enables you to choose any hotel in the region... and if you choose a hotel that's close to the park then you'll be able to use their shuttle to the park. And the car will allow you to roam anywhere within 100 miles of your hotel over a 90 minutes drive each way. That's not a huge problem outside of traffic. Venture forth after 9AM and come back after 7PM.
Now for which hotel... there are several ideas emerging here as mentioned by others. I would make a reservation with one of the ones already mentioned... I saw the Howard Johnsons for $79 mentioned somewhere near this posting - and that seems OK. However, when we stay overnite in the area we use HOTWIRE to book a south Disney property or 10 miles away at South Coast plaza. We can typically get a 3 or 3.5 star property for approximately the same $80 plus or minus $10. It will vary with the booking load. One specific example of what Hotwire delivers is out of the area but represents our next stay currently reserved. We have a 2 nite stay set for May in San Francisco.... and for anyone familiar with the city... we're at Union Square and bagged the Westin St Francis which normally sells for $389-589 a nite ... and we got it for just over $100 a nite! I think we paid $104+ 14 in fees... but I'd have to confirm that. The hotel is a classic top 1% property for rank and location!
If you book a hotel now - then at least you have something held. However, the tactic is next year at this time of year you start checking hotwire for their rates. You can't check now for 2008 - but you can see the aug 2007 rates. And we look at SOUTH COAST area hotels because it's a breezy 10 minute drive by freeway we almost always get better hotels for LESS in that area. Plus this is right next to what was once the worlds largest indoor shopping mall - South Coast plaza - which always puts a smile on my spouses' face.
So the current deals for a thursday friday nite in the 3rd week of August shows two very favorable options: For $69 you can get a 3.5 star hotel in South Coast ... which is called "Distinctive" and usually a Hilton or Crown Plaza. Also, this particular deal is cited as being 52% off the regular price of $145. The 2nd favorable option to us would be the SOUTH DISNEY listing of a 3 star "Midscale" Raddison or Doubletree. This is priced at $79 and represents a suggested 30% savings versus $109. You have to add the "fees" of about $10-14 to these rates - but this does include the local taxes and so on. The only thing remaining once you check in is typically a resort fee at the nicer properties... which includes parking and the shuttle to
Disneyland (if near DL) or the John Wayne Airport if south coast.
So book something now... check hotwire next February and take your choice. Hotwire cannot be easily cancelled once you book. And - of course, you'll not know which hotel in the area you'll get - but the options in a given area and star level are pretty limited. In practice, 98% of the time we have saved exactly what Hotwire posts as the savings percentage versus what was available at the time of booking. My Westin St Francis stay was listed as a 4 star saving 75%... and the Westin is a high 4 star saving us $300 a nite... or $600 for the 2 nites there! The savings in this case pays for all our fuel, dining and light shopping expenses, and then some!