Boy after reading this thread I almost don't want to look into buying dvc anymore. It sounds like more of a hassle than what it's worth.
I don't get how what has been posted here equals "more hassle than it's worth". I guess if your original thought was that you could stay anywhere at any time with any amount of notice, yes. But timeshares (of any kind) don't work that way.
jodiey - on your side of things...yes DVC does require a lot more organization and advanced planning. If you are the type to want to book your travel on short notice (< 7 months) unless it is 2-3 day blocks you are looking for, then DVC may not work well for you.
At certain times of year it is VERY popular and the rooms book up very quickly. As has been stated, those times of year are typically early October - beginning of January, beyond that certain RunDisney events, and certain holidays (4th of July for example). At these times of year, you are probably "stuck" booking your home resort prior to the 7-month mark, especially if you want a studio room.
But the remaining 7-8 months of the year there is a lot of availability if you book at the 7-month mark. Then, the longer you wait after 7-months, the less is available.
This is why DVC is a boon to Disney. They get to pre-sell their properties for the next 40 years, and are basically guaranteed "full" occupancy, because the owners already have the points, and generally are going to use them to stay on Disney property.
The advantage for us as the consumer is a long-term advantage in that we get to have a long-term cost savings over paying full price. If you are regular Deluxe hotel occupier, the savings would be HUGE, even buying direct from Disney. For those that stay moderate (like we typically did) the savings is more in the long term: 8-10 years down the road.
This is in part why while DVC occupancy stays high, the Deluxe resorts are struggling to fill rooms.
In turn though for those cost savings you (1) pay a large fee up front and (2) have to deal with the hassle of thinking a lot more about how to book your stays.
A comment to what Vicki-C said: We bought into DVC earlier this year when I discovered the resale market. I then discovered that other timeshares are available on resale, and can had for very little money up front. Since we bought into DVC I have looked into other timeshares, and I have to say, Disney's system is MUCH easier than most timeshare systems. Most of these other systems completely baffle me to the point I am leery of buying into them. DVC on the other hand is pretty straightforward, you have a certain # of points, and you can use them however you want.