We bought DVC to stay in multi room units - put the kids in a separate bedroom, cook up some eggs in the morning, throw in a load of laundry at bedtime. If I were buying DVC for studios, I wouldn't buy. You can save some money, but I definitely don't think they are as nice - although frankly, Disney hotel rooms are marginal, which means lower quality of the DVC end can really be felt.
Rooms get worn faster due to extraordinarily high usage. Plus the usage patterns tend to be a little different (cooking in rooms, pulling in and out sofa/murphy beds, moving furniture) Since we pay for renovations, the refresh is longer. And the cancellation and availability issues are a much bigger deal on the DVC side. However, since I bought my points back in 2002, I'm staying now for the cost of dues, so its a good value for us.