If you cruise the DIS DVC boards, you will readily find threads debating the subject of whether is makes financial sense to use points to book a cruise.
Having read them for years, my gut is to agree with those who argue that from a financial point of view, using points to book a cruise is NOT the best return on the DVC investment. This is basically because the number of points required for a cruise are SIGNIFICANTLY higher than those needed for a week or more at the better Disney properties (ergo, luxury category) at WDW or
Disneyland. In other words, the
DCL option in DVC is "priced at a premium."
So, why did I (as a DVC member) use points for a cruise? Well, we were in a special situation: when we joined DVC (purchasing 270 points), we received 270 points for a prior year, as well as points for the year we joined. That meant that by the end of the following year (this year) we had to use up ALL those 540 points. Looking at our schedule, we realized there was no way we were going to be able to travel to WDW or Disneyland frequently enough in that time frame to use all that. So we looked into a cruise, and found that 500 was enough to allow us to book a cat 6 for three people; I paid cash (around $650) for the fourth passenger (my son). We banked the remaining 40.
I've already told my family that if we want to use points again for a cruise, we are either going to have to do the "three year bank/borrow-a-rama" thing (bank points from the year before the cruise, use all your points from the year of the cruise and borrow some from the year after) or will have to make a larger investment in DVC (which I've been looking into, resales are readily available; just waiting for the "right" number of points at our home resort -- Boardwalk -- to come onto the market).
Again, if your are investigating DVC, I recommend you think of it primnarily as an investment for trips to WDW or Disneyland or the North Carolina or Florida DVC properties. Use of points for trips outside those properties is a best a "secondary and less economic' benefit. Also, DVC works best for people (like us) who don't mind -- in fact enjoy -- planning vacations far (ergo, 11 months) in advance. It is much less beneficial for those into "last minute" vacation planning.