I thought the comment about WDW is DL on steroids is hilarious! While funny, I don't feel that way at all. If I absolutely had to choose WDW or DL, DL would win every single time!! There are many, many vast differences between the 2 which you need to consider.
IMHO, the simple fact of proximity to DL would make me want to buy there. On top of the fact that there are only 48 villas in CA, it makes it much, much harder to acquire at the 7 month window. You would likely be able to find SOME availability at SOME
DVC in WDW as long as you don't plan on going @ Spring Break, Christmas/New Years or Easter.
Once the new and improved DCA is unveiled next year and into 2011 I believe getting into VGC will be next to impossible going forward.
Also, the discounts right not on GCV are INSANE!! Seriously, everyone I know is interested in and/or in the process of owning there. Remember, these incentives end this month so if you're even considering GCV I would get a contract started before the incentive change.
I'm a huge supporter of Walt's original dream and creation, DL, and cannot justify comparing it to WDW, just too much to consider. And, don't get me wrong, I go to WDW every year and own @ BLT (my 1st home) but you can't go wrong with GCV IMHO. Good luck with your decision!