Well, one person has mentioned being able to add the dining plan to a hotel only, without turning it into a package. She had to call. I don't know if it works that way for DVC members.
However, as everyone has said, it's not a value.
But looking into it for you taught me something new...the "Lunch or Dinner at a Table-Service Location**" thing was not there the last time I looked. And it does go on to say "Lunch or Dinner voucher accepted during lunch and dinner hours toward the purchase of one table-service Disney Dining experience, fine dining to casual dining, throughout the
Disneyland® Resort, including Ariel's Disney Princess Celebration at Disney's California Adventure® Park. Daily operating hours may vary. Applicable Table Service locations include: Ariel's Grotto, Steakhouse 55, Hook's Pointe, Goofy's Kitchen, PCH Grill, Storyteller's Cafe, Napa Rose, Blue Bayou, Carnation Cafe and Wine Country Trattoria."
However, since it says it is accepted "toward" the purchase of a lunch or dinner, it's probably just another dollar-amount voucher. And it probably wouldn't go towards any wine etc you might want. Seems just like the "breakfast in the park" voucher, which kinda makes you think it goes towards the Minnie and Friends character b'fast, but it doesn't, it's just a dollar amount ($8 or $10 I believe).
Anyway, it's nice to have things pre-paid, but that's just about all you're doing with the dining plan...might as well just set the money aside, put it into giftcards or something, that you can then use for food.