I get better discounts with my AP than through DVC.
I've also learned that if I want housekeeping service when paying cash for a room as a member to reserve the room through CRO and NOT member services. It seems members are penalized by paying a higher rate and not getting the same services of non-member cash paying guests.
At check in you will receive a list of the current discounts available during your stay. There are many available for dining around WDW- many which are NOT available with even the AP.
Annual Passholders do get some room discounts and recreational/tour discounts. MS has indicated a willingness to match AP discounts at DVC resorts, when available, but GoldenPrincess is correct that cash reservations booked thru MS won't get daily housekeeping service.
The list of current discounts is usually available online on the DVC Member's website.