dejr_8,
That theory would work if Disney's profit margin was reasonable. But because they have SO many rooms to fill, and simply can't fill them all year, the rates are astronomical.
Your thinking's along the same lines as Disney's: thinking only of the bottom line. If nothing else were taken into consideration, you'd be absolutely right. However, when you take into account the dissatisfaction that MANY loyal guests will feel, it doesn't look so good. How many people in this thread have already mentioned staying off property?
As for me, I was planning on booking my honeymoon now, and applying AP discounts later, simply because I can't get AP discount rates now. And while they don't specifically say in their legalese that hotel discounts are a perk, it's definitely one of the selling points. And unless I'm mistaken, Florida residents are offered a completely different pass than those from other states. Not everybody has the luxury to take a last minute trip, and by offering the discounts the way they do....it's just pretty crummy.
And to those of you who have booked a reservation with CRO, keep your confirmation! The cancellation policy should be printed on it. I haven't seen one, so I can't verify, but unless it specifically says that they can change the terms at any time and without prior notification, they HAVE to abide by what they printed on your receipt.