I agree with one of the posters that advises anyone interested in learning more about DVC to check out the DVC forum, especially the Operations sub-forum. I learned a ton from the stickies as well as from reading other posters' questions and the experts' answers. I did that for 3 months and bought a small contract through resale, quickly found out that I needed more points and bought another contract directly from Disney last November with a ton of great incentives, plus I really want to be a Founding Member and get first dibs on GCV.
One thing I disagree with some of the posters of the DVC forum is that they are pretty adamant that using points outside of the WDW DVC properties is not a good use of points. I think it's a great use of points in the DLR hotels in peak season for Sunday - Thursday. Cash rates with the minimal AP discount are nothing to sneeze at, then add on the resort fee and the room tax, you're looking at $1000+ hotel bill if you stay 3 nights or more!
We did a 200-pt. contract directly with Disney last November to take advantage of the bonus 270 developer points. We got a December Use Year, so we received the full set of 200 points from 2006 use year, which we immediately banked into the 2007 use year and within 2 days of signing all the paperwork, we got full use of 670 points (200+200+270)! Along with 2 free annual passes and $500 Disney Visa rewards for putting the deposit on Disney Visa interest-free for 6 months. We also got a lot of miles on our mileage Visa card by putting the rest of the purchase on the card but paying off the balance in the next billing cycle, something you may want to consider if you're deciding Disney vs. resale as you cannot charge your purchase on a credit card for resale. On a high reward credit card, it can mean getting you enough points or miles for a round trip flight award.
We burned most of the points at GCH on three separate trips, stayed 4 nights at Hotel Del Coronado over Christmas, just came back from a week in Disney World and will go again in October for Food and Wine. When we tried to cash in the 2 free annual passes at Disney World, nobody knew how to convert the vouchers to an annual pass as this seemed to be an unusual perk only available to those who purchased onsite at
Disneyland or at a Doorway to Dreams location. Luckily, I had the letter from my DL Guide that accompanied the vouchers with me so they had to figure out a way to give me the 2 free annual passes!
There have been observations made on the DVC forum that Fall incentives are usually the best, so if you decide to get the incentives, make sure you have the available vacation time to fully take advantage of the extra points!