Do NOT factor resort discounts into your decision to purchase an Annual Pass!!!!!!
If the only reason you're going to purchase an annual pass is to get a resort discount, wait until you've actually been able to GET a reservation with an Annual Pass rate. Many people on the resorts board are coming up empty handed for Annual Passholder rates at the resorts because there are no more rooms available at that rate. You don't need the pass to make the reservation, only when you check in.
If you purchase an Annual Pass anywhere other than: Either of the Disney Stores at the Orlando International Airport, The Disney Information Center in Ocala, and Walt Disney World property, you will receive a voucher.
If you purchase at any of the places listed above, you have an ACTIVE pass.