It also depends on when you go. During regular season, the AAA rate I think is only 10 %. We just switched from AAA to AP rate for our upcoming trip next month. Even with the $200 extra for the pass we are saving money. Plus there are benefits to having the AP -- discounts at some restaurants and stores.
For the deluxe resorts, the discount is more significant. We're staying BC and switching from AAA rate to AP, our rate went down $60 per night -- the difference more than paid for the pass over seven nights. However, the discount at POR was only $15 less than the AAA rate, so in that case it wouldn't have been worth it.