The APs come in two versions: Standard ($392) and Premium ($520). Standard APs include unlimited admission to the four main theme parks, while the Premium pass adds the water parks, Pleasure Island, World of Sports.
APs are not transferable. Although they do not have a photo on them they do require a biometric reading from your fingers when you enter the turnstiles.
We get two holidays from our annual passes, spaced 11.5 months apart. If you think you might take more than one Disney holiday in a 12 month period you will save lots of $$$s buying APs.
Regards
Rob