I've been an annual passholder since the mid 80's, and I love it. We used to live about two hours away, so we would come over on vacation. Now that we live 20 minutes away, we still spend most vacations there (but we save a lot of gasoline). If you plan on taking more than one trip while your passes are valid that are a week or longer each, then the passes will be a good deal for you.
The perks like room discounts can be nice, but they don't always happen. I have a reservation with an
AAA discount for September, and the September AP discount came out today. Unfortunately, no availability at my resort, and I don't want to change resorts. That happened to me last December too, but I did get a great discount in February, more than enough to be worth the AP. So it's nice when it happens, and OK when it doesn't.
The best thing about having an AP is that you don't feel stressed to pack everything in when touring the parks. There's always the feeling that you're coming back again. It's more relaxing. Even if you don't live as close as I do, and are only planning two or three trips over the life of the AP, you still know you're coming back, and it really makes a difference.