We used points for the 9/28 Western Magic cruise this year. We booked a Cat 10 cabin (just my DH and me). We had carried a few points over from last year, and between that and this year's, we had no problem. A few days later DVC member services called us up and informed us that the points had been reduced for the cruise (September specials, I guess), and points were being returned to our account. In addition, we were given a $50 onboard credit. So now, I've got points left to bank into next year PLUS an onboard credit.
It cost us a $75 exchange fee. I didn't have the hassle of trying to rent out points either. For us, it was more than worth it to use our points. Keep in mind that a cruise will also cover food and some entertainment, so especially if you factor that in to your calculations, it's really not such a bad use of points after all. Food at WDW isn't cheap! And although we are paying for transfers, we also figured in the cost of a rental car for the week if at WDW (since we always get one).
Of course shore excursions aren't covered, but unless you have an annual pass or leftover Park Hopper Pass days, you'll be buying tickets for the parks, so I suppose that kind of cancels out
Therefore, all in all, we had no problem using our points for a cruise. Now to just wait those LESS THAN 3 WEEKS...!
Shelley