
Well, we may not be the best example to hear about the practical side of DVC. We bought in with illogical reasons--it's Disney, what other reason do we need?--and we continue to use our points on things that we might be better off paying cash for--such as trips to DL. Most DVC members will tell you that we shouldn't have purchased at all.
For us, it was important that we make sure that we would be able to do
Disney vacations every year. We aren't the best at saving money, and we had real difficulty saving up the cash to pay for our first Disney trip. (Which was only slightly more than our 4 day cruise.

) We felt that the timeshare was the best way to do that. And, frankly, we love knowing that our hotel is paid for and we only have to worry about details like getting there, tickets, and eating. Last year, we casually decided that we wanted a longer vacation because we already had season passes, picked up the phone and reserved extra nights. That was all the hassle there was. We didn't pay extra because we've already paid for the points, do you see what I mean? This year, we decided that we'd rather stay at our home resort than pay for a hotel at the port, so we picked up the phone and made the call. Now, this is *not* a decision based on logic--if you figure that points are $10 to rent, we just spent $200 for a room at WDW rather than the $100 at the port. But we love not having to stress over that decision. For the rest of our stay, we'll be in a 1 bedroom suite, giving us a kitchen, a washer and dryer in the room so we don't have to hang around while laundry gets done, and *privacy* on vacation for the first time since our kids were born. I also love that I have the option of reserving a Grand Villa for up to 12 people, enabling us to bring friends if we so choose. (We almost did this year.) I love that if my friends are in Florida--my children's godparents regularly work at the Florida Renaissance Festival--I can call and reserve them a room at a DVC resort at the drop of a hat no matter how my finances are going at that time. I love the convenience and the flexibility.
Do you normally stay in luxury accomodations, or would you be happy at a moderate resort? If you think that you would be perfectly happy at a moderate resort, then DVC is not a wise financial move for you. You'll be saving money on a room that would normally cost quite a bit, but it's still technically more expensive than you would pay for rooms at the moderate resort, especially if you're someone who also is able to find the discounts that I keep hearing about. DVC rooms also only get maid service once every 3 days, unlike traditional rooms, unless you pay extra for it. This is a big deal for some people, but I'm looking forward to it. The maids in regular hotels think I'm a nut because I don't want them in my room every day.
The thing is, if you're absolutely sure that you want to do this, sooner is better than later. I think the points have already gone up this year, so you don't have to buy in tomorrow. Price increases are announced in advance, so everyone has a chance to buy at the old price. But the cost does regularly go up, and one of the most common laments I hear on the DVC board is that people didn't buy sooner and paid a higher price when they did buy. I bought my points in 2003 for something like $85 a point, and now they go for I think $98 a point. You can get a better price on a resale, but the thing is, DVC has the right to buy the points back if they feel that the price is too low. That's the Right of First Refusal that you'll hear about.
I'm sorry I've gone on and on, did I actually answer your question? I haven't stayed at a DVC resort yet, but I hear very good things about them. If you do decide to buy in, do me a favor and pick a DVC member who "referred" you. DVC can hand out some neat goodies as thank you gifts. Unfortunately for me, my state law prevents me from getting any kickbacks.