Depends on how you use it.
Eliminating the
free dining promotion for the time being, the regular dining plan in general, under 2012 pricing, will save you money IF:
1) You indend to eat a TS dinner (not breakfast or lunch) each night of your trip.
2) Many of these will be character, family style, buffet or other fixed price meals, especially if you have children under age 10.
3) If you plan on a majority of a la carte restaurants, most of the adults in your party intend to order the more expensive items on the menu.
If you don't fit these criteria, you have to "do the math" to see whether or not it will really save you money - that means plan out where you want to eat, and what you will order, and check the pricing against the dining plan per night price - remember the dining plan allows for desserts for each diner at every meal (except breakfast) and a snack credit per person per night.
There's also some indication that you may save money on the deluxe dining plan if you eat a signature dinner every night and another TS during the day.