Even at a Moderate resort, it's significantly less of a deal.
I have no problem with the rack rate of the Value resorts. In value season, they're just $82/night. I could probably get something comparable or better for half the price through Priceline (which means the "
free dining" actually costs us $40/day), but there are plenty of advantages to staying on site (including free parking and/or the shuttles, Fast Passes, etc). We bring (or buy) a cheap coffee maker. We bought and brought a fridge last year when we drove. We'll probably fly this year, in which case we'll either participate in or host a fridge sharing.
I might be mistaken, but I think they offered Season Passholders the ability to book the free dining without park admissions. Worst case, they could buy one day of park tickets each, which wouldn't be that expensive, and still get dining for their entire trip.
Another thing we do with the dining plan... Instead of just planning 14 table service meals for our 14 days, we'll probably plan around 16-18. I'll look up the menus and we'll pay cash for the ones that are the worst value on the dining plan (last year, Le Cellier was $7.49 for the kids and Cinderella's Royal Table was $35.99 -- instead of 2 table service credits -- for adults). This helps us ensure that we do everything we want and still maximize the value of the dining plan.
Some other tips for the dining plan...
For counter service meals, some are much better values and you can easily feed two people with one meal. For instance, the rib & chicken combo at Cosmic Ray's in MK or the asian combo (2 entrees, 2 sides) at Sunshine Seasons in Epcot. We also found Wolfgang Puck Express in Downtown Disney to be an incredible deal (for breakfast, lunch or dinner) on our water park or Disney Quest days. Our bill would have been $60 most days, but it just took 4 counter service credits. Incredible service, too.
For snacks, some of the best values are waffle cones, double cones, shakes, floats, cheesecake, smoothies (at Auntie Gravity's in MK), etc. Also, if your trip overlaps with the Food & Wine Festival (we plan it that way), the snack credits get you the sample size foods at the festival, some of which are normally up to $7! Last year, we got Lobster Rolls, Creme Brulee, Crab Cakes, Prawns, Lamb Chops, and a ton of other great food with our snack credits. We used the last of our snack credits at Goofy's Candy store and brought back candy as souvenirs.