It also depends on whether you want deluxe resort accommodations (that the villas are) or whether you want value or moderate.
If you go with value or moderate, free dining is supposed to be a better deal, especially if you have a whole family (4 or 5 to a room).
If you go with deluxe (which they usually discount 30-40% at various times), the discount on the rack rate is better than free dining.
With DVC, renting points from members (anywhere from $10-13 per point, depending if you go directly with the member/owner or through a rental site) will save you about 40-50% off, depending on the resort and accommodations. But, you have to pay a lot sooner with the rental sites (within 1-4 weeks of the reservation being made) than with owners (some owners will take a deposit then you pay the rest 60 days out).
But, booking with Disney, you supposedly don't have to pay until you check in (other than the one night's deposit) if you just do a room only trip. I think if you do vacation packages, final payment is due 45 days before the trip (but this could have changed).