Wow, given the many responses about looking into the Annual Pass option I decided to crunch the numbers for our particular scenario.
The given/common factors for my situation are:
--Late August (8/21-8/31) stay for 2 adults, 2 children, 10 total nights
--5 nights at Boardwalk "Water View" tier
--5 nights at AKL "Savannah View" tier
--For dining, I've used the price of a Regular Dining Plan to compare the two scenarios-- even though I'm leaning towards not using the
DDP, let's assume for the sake of argument that paying for food OOP with an annual pass BEFORE 20% discount would even out.
--10 Day base park ticket vs Platinum annual pass (no water parks)
OPTION 1-- RENTING DVC POINTS
--5 nights at BWV Preferred View = $1547 ($309/nt)
--5 nights at AKV Savannah View = $1445 ($289/nt)
--Regular Dining Plan = $1900
--10 Day base park tickets = $1720 (direct from Disney)
TOTAL = $6612
OPTION 2-- ANNUAL PASS W/ ROOM+FOOD DISCOUNTS
--5 nights at BWI Water View = 35% off of $540 avg/nt = $1755 ($351/nt)
--5 nights at AKL Savannah View = 35% off of $479 avg/nt = $1556 ($311/nt)
--20% off dining = $1520
--Platinum Annual Pass = $3319
TOTAL = $8150
Now, I'm fully aware that this does not include all factors, but I think I've made as apples to apples as I could for OUR SCENARIO-- YMMV. If anyone sees any flaws in my rationale feel free to point them out. Renting points seems to clearly come out ahead. If we want to go to water parks (which we do), then the AP costs are another $380, whereas I could get a Water Park Fun + More for only about $280-- Plus I can consider getting only an 8- or 9-day WPF ticket to lessen the cost even more and build in some slow days into the long trip. I can even add Memory Maker and still be ahead by renting points. All other considerations, including housekeeping freequency + difference in decor for DVC rooms, are very well noted (thanks everyone!!!)
Side note-- this morning I'm not able to find the Water Park Fun + More option on Disney's website. Anyone know why? Did this option go away with the most recent park ticket price increases??