Just like cash prices, you need to pay close attention to the points cost for the cruises. We managed to put together a 7-night Magic cruise in January for unver 300pts for 2 adults, and we paid cash for our 5yo DD. Interestingly enough, the cash price for our 5yo was cheaper through
DVC than directly through
DCL! All told, we got over $9/pt value for the cruise, which is good enough for us to go for it rather than renting and paying cash (or just paying cash).
That said, we're in a Cat 11 room - higher categories are priced accordingly higher, and may or may not be as good a $/pt value. But in all, if you look carefully, you can find good points bargains just like you can for cash cruises.
Amanda