Renting DVC has allowed us to experience deluxe resorts at a huge discount. We *could* afford to pay the room rates through Disney, but then we wouldn't be taking multiple trips per year.
There are cons, many of which have been pointed out already, but for our family...the pros outweigh the cons...big time!
A couple things...we started renting through a company (not David's, but just as reputable). After we did that a couple times and I was comfortable with how it all worked...I started renting from owners. I'd say we've rented at least 5 times (and helped coordinate some other rentals for family).
Some things to keep in mind...
The more flexible you are, the better. If your first choice isn't available, just ask what *is* available.
Some owners actually have cancellation/re-scheduling policies (as opposed to going with a company where it's pretty much a done deal)
Some of these companies offer insurance (but in my humble opinion they stink)
You will not get daily mousekeeping - to me this is the biggest bummer, but alot of people don't mind...I'm getting used to it!

You *do* have access to a free laundry room (if you're in a studio and don't have an in-room w/d). That's been a nice perk.
If you're looking at a Studio, you will have a Queen and pull out couch. Right now, we have younger kids so this has been ok.
The cheaper (less points) rooms are absolutely harder to get, but not impossible. You may not want a value room at AKL anyway, I believe you're looking at the parking lot there. Standard is much easier to get.
Same thing at BWV, that's the first place we rented and we priced it at getting the cheapest category which wasn't available.
Worst case, you can almost always find something at SSR. Which after staying there, found it's really not a bad option. Puts me in mind of POR. Liked it a whole lot better than I thought I would, but....I had scored a 2brm at an amazing deal, so that probably helped

You *can* add on a DP, if you like.
You *can* buy cheaper 3rd party tickets since you're not booking a package.
So much to love! I hate we didn't do it for the first few years!