I tend to disagree that APs are usually the best value. That can be true, but only if you live close by and are guaranteed to be able to go a lot and you like to spend a lot of time in the major Disney parks. We live in California and take one trip to WDW per year, generally around the same time of year. I like the "go week 33 the first year, then week 32 the second year while the pass is still valid" theory, but, as other posters have pointed out, if anything happens to your plans the second year and you have to postpond, your AP will go right down the drain. We considered buying an AP in May of this year when we went, thinking that we would go next May the week earlier while our passes were still valid. But when we returned from WDW this year, I found out I am pregnant, due in March, so will be postponing 2005's trip until much later in the year. There is no way we will get to WDW before the baby is born, so I am so glad we didn't buy the APs.
We have found that the 7 day plus 4 PHP is the best. When we go for a 7-10 days per year, we usually spend 2 days at Universal, 2 days pool hopping or enjoying the general WDW grounds, and we always spend one day at Blizzard Beach and one day at DTD and Disney Quest. That leaves us only 2-3 days to do the major parks. We were able to "stretch" a 7 day Park Hopper plus pass through 3 years of trips, meaning that we spent only about $100 per year on our park admission. We were thrilled with that.
For Universal, every other year we buy a 2 or 3 day park hopper pass there (you can get them for about $90 discounted) and that will stretch for 2 trips and allow us to hop between Islands of Adventure and Universal Orlando.
For Pleasure Island, we always just pay for the tickets and for $5 we add on the "additional 5 nights" option, which means if you go 2-3 times, your cost is very low. If you use a "plus" feature for Pleasure Island admission, you cannot get that deal, FYI.