You can stay at many of the WDW resorts, for an additional $95.00 fee. However, the value of being a
DVC member is realized when you stay at the DVC resorts.
When I was looking into it, for example, a room at the Contemporary hotel was 44 pts per night for a garden view room. At a DVC resort, a studio room (similar) would only be around 15 - 17 points.
The great thing is that there are many DVC resorts to choose from now so there is a lot of variety. Depending on the number of points you buy, you will be able to stay in studios, 1 or 2 -bedrooms, or even a grand villa. It just depends on season and timing. THere is a link at the top of the page with the 2009 points chart (it has been reallocated for 2010, but it would give you a general idea).