I'm an AP holder (although DH is not) and booked the 4/3 deal for the end of January. It was a savings over the AP rate for us.
We'd previously had the same room booked at the AP rate. I didn't need any tickets (I have an active AP), but we were going to purchase an 8-day hopper for DH.
The price of the 4/3 package, booking it with 1-day base tickets, was STILL cheaper--by about $400--than the AP rate, even including the cost of upgrading DH's base ticket to an 8-day hopper. Figured into this savings was the $200 GC, but even without the GC, the 4/3 deal was still a better deal. And we'll have an unused 1-day base ticket left over for use on a future trip.
BTW, this was for AKL. The savings are biggest on the deluxe resorts. The more expensive the resort, the bigger your savings.