We did this for our last two trips, in Jan and Dec 2001. Our next trip down is going to be on the cruise in September (plus we're staying on-site at USF for a couple of days) but for our next stay at WDW we'll likely do the same thing again if we can arrange 2 trips within 12 months. Be aware there are pros and cons on both sides.
Pros to the Hopper Pass:
1) Cheaper than the annual pass. The breakeven point for the AP is eight days, for the PAP is 10. If you think you'll total fewer days than that in the WDW parks over your two trips, get the Hopper.
2) Not tied to WDW attractions (AKA golden handcuffs
) If you are in the Orlando area to do other things: USF, KSFC, Daytona, Tampa, it will feel like a waste of money if you've paid for APs while you're at these other attractions. It's not as bad as the feeling you get with the UPH, but it's there nonetheless. Trust me, I know.
3) Plus features. If you anticipate spending a number of days in the water parks, those are included with the Hopper plusses (a 7-day HP gives you 4 plus admissions). If you buy the AP, you'll need to shell out for the water parks separately or get the premium AP. The difference in cost between the regular AP and PAP is substantial - $100 or so.
Pros to the AP:
1) Room discounts. Not available at every time of year, but if you're going in January and February there should be some discounts available.
2)
Freedom to come and go as you please. To me, this is the greatest feature of the APs. When we were down in January 2001, all four of us contracted the most virulent stomach flu I've ever encountered. (Sequentially, of course, not simultaneously.) After our son had recovered (and before I got sick) we went to MGM late in the day to meet the rest of the clan. We rode the Great Movie Ride, and he'd had enough - we headed back to the room. With a Hopper pass, that would have been one park day spent for one ride; with the AP it was no big deal - we could always go back again. And again.
3) Free parking. Not a big deal if you're staying onsite, but the US$6/day adds up pretty quickly if you're offsite.
I'm sure others can come up with other pros as well. As I said earlier, I would get the regular APs again - for us it was the better value.
- Mike