we have always done room only until our trip this past August...we went with the
free dining promo...but knew it was not to save $$$$$$$$...
we wanted to be able to do a "deluxe" trip and stay at the Polynesian. To get the room meant we would have to REALLY watch our food budget...which we have done in the past and been fine, but wanted to go deluxe on the whole trip, food options, 10 days, monorail resort. The "free" dining allowed us to eat at many TS places we would never have done, and enjoyed a ton of different foods,desserts, themes. If you booked a value, you came out at a great deal, truly making your food free, but we enjoyed accomodations and food at the same time and glad we tried it...once.
The down side, we really like having the 5 day window to cancel a room only. It was 45 with the package and I was a wreck worrying about someone getting sick, broken bone...anything that we would've normally rescheduled or cancelled over.
Another down side was working around the ADR's and the crowds. Not having an ADR was disasterous for folks not in the know, the ripple effect of those getting turned away from TS caused crowded CS.
If we are fortunate enough to go again, we will have to return to the room only, or do a value during free dining, (but would really rather not endure those crowds again) because we will not have a full 10 days, so we will not be able to use so much time on eating and getting back and forth to the prearranged ADR's.,
As others have said, it is based on personal preference...I also noticed some of the restaurants have dropped from the MYW dining plan...so check into that before basing a decision on olaces to eat.
No matter what you choose, it is so fun to be at WDW!!
Pam