I don't know where the photo centers are in WDW. In DLR there's one in Greetings From California over in DCA, and I think the DL one is on Main St. But I don't know about WDW.
The borders being worth $40...well, that's a personal decision.
For me, because I like doing silly things with my pictures and do NOT really embellish things when I do scrapbook, the borders and signatures you can add on are really fun to me, and worth it. You can see the last couple pages of the trip reports in my signature, to see an example of borders available for our December DLR trip. (note: the Captain Jack Sparrow border is something that the photographers put on the pix in their camera, it just comes that way and I can't take it off...and I don't know if the Jack meet and greet at WDW has the same, so do NOT expect that at WDW)
For those who embellish quite a bit, who are proficient with photo editing software, and/or who just like plain photos, then getting the spendier one doesn't really make sense.
When you get the one that you edit, each edit of the picture creates a new picture. So if you have 100 photos from your trip that you like, each time you crop one or add Tinkerbell flying to it (separate from the Tink-in-your-hands picture), or add a border etc, it adds another picture. Your 100 pictures can quickly become 200, 300, etc, based on how many little things you want to do to them. When I did my December photopass editing, I just ended up throwing borders and sigs on each picture, even if I didn't really like it. My tastes change over time, and I figure that maybe I didn't like it today, but next year I might and I might as well have it. Doesn't cost any MORE.
Should I ever get photoshop, I'll probably end up getting the cheaper photopass CD. But for now, for our bigger trips, I get the $99 version.
By the way, the $60 CD is one you take home right then and there. The other version, no matter which price you pay (pre or post), shipping is included. Just in case you didn't know!