We just used our points for a split stay July8-13. We did 2 nts theme park view at Grand Californian for 36 pts (weekday)/nt and then did a 1 Bedroom suite at the
Disneyland Hotel for the last 3 for 46 pts/nt (weekday) and 75 pts/nt weekend. We did pay
AAA rate for a 1 br at GCH hotel last trip and it was great but wanted to try a suite at DLH this time---especially since the points were so much lower! Our 1 br was on the 14th floor of the wonder tower with 2 full walkout balconies and the most amazing views---we could see the Neverland Pool and grounds, DTD and watch the fireworks at DL from there! Plus, we loved all the artwork and the size of the room. It was amazing!!!! Haven't done PP but will likely do split stays even when the villas open. We do it at WDW and with everything so close it is even easier at DL.
Oh, and we couldn't pass up the opportunity to add on while there. AKV for $8/ppt off, Disney visa rewards card $500 for using Disney Visa, matching developers points to use at SSR/II or DL within a year, no fees/dues till May '09, 2008 points (which cannot be used until May 2009), and 2 annual passes for either DL or WDW!
Oh, I did have to call to find out the suite prices which took a little longer but was worth it. And unlike at WDW, if paying cash for a suite you can get a AAA discount!