I have stayed at the AS and also at some moderates. While I haven't stayed at a deluxe (yet!) I can say that I never felt like I was missing out by being at an AS. Sure, we can afford to stay at a deluxe but when it gets right down to actually paying the money, I reason it out that we only use our hotel for sleep and its just not worth the extra expense to pay more for a bed. I would rather spend the extra money on some souveniers or to eat at some nicer places while we are there. I wouldn't hesitate to stat at an AS again and I did not find them to be noisy at all...I think it really depends on where your room is located. In fact, with our June trip, I really debated on staying at ASMo, where we originally had our reservations, or going up to POFQ. The deciding factor for me was that we have decided this trip will be adults only as an early anniversary celebration and POFQ was where we stayed on our honeymoon. So our decision was sentimental rather than want or need based. As far as our October trip, we are shooting for AKL right now but that is only assuming we get a fantastic rate. If the rate isn't the best, I'll go back to the AS in a heartbeat!
Basically, its all in what you like to do when down there. If you like to hang out by the pool or on your resort property and just relax, then you may find the AS a little congested, depending on when you visit (12/01 it was dead; 4/02 it was a madhouse). In that case, a mod or deluxe may be more for you. If you want quiet around your room but don't care how busy the rest of the hotel is, then again an AS can work for you (depending on where your room is). If you are like us and you spend all your time at the parks and only use your room for sleep, then you'll be fine at an AS.