MS is wrong. If someone comes to a window with a DVC AP Exchange Certificate (voucher) and they have a DVC Member Card we will issue the AP in their name.
Normally, will-call confirmations and exchange certificates (plastic cards) don't expire for WDW Annual Passes.
The $399 promo for the DVC PAP is an exception to that. Those have to be redeemed by 12/31/2013. It appears that those asking this question have purchased the $399 PAP promo and are going to be unable to redeem it by the expiration date.