Even before the DVC discount on APs came out, we learned the value of using APs even if we only traveled to WDW once a year. When we first joined DVC, that was our habit and also our plan. We purchased an AP...used it for one trip, and then planned our next year's trip just a week short of the 12 month mark to get 2 year's worth of trips on one pass.
Of course, now we buy the APs and visit WDW 2-3 times a year, so our strategy has changed a bit. Now we purchase the AP, travel 2-3 times in a year, let it expire and purchase a new one after we have had a 6-7 month break. It stretches out the AP cost, and is definitely the cheapest way to do the parks each trip. We started a new AP last December. We had 10 days on it then, 10 days on it in May, and will get 12 days on it in November. Then we aren't going to go to WDW until March, so we will buy new APs next March and start the cycle over. I think 32 days on one AP is a great value!