Bounceback offers can only be booked while staying in a Disney Resort Hotel and must be booked before you checkout. The one we had was for either 30% off room stays for Deluxe resorts or 40% off Deluxe Villa stays- all within particular sets of dates of course. Most sets of dates on the flyer had past so I called the ext number and asked if there were others since most of these had past. And there were!!
As I said, we really wanted WL, but they did not have any so we will be doing the CR tower bay lake side in beginning of December 2008. So we used the 30% off and the CR was $300/night for bay lake tower. That is good bc it usually is about $470!! All in all we saved $500.
Even though the bounceback says that the offer is good for room only discounts- it can be made into a package with tickets/dining. If you do the package you must pay the $200 deposit while making the reservation. If you do a room only, then the first night fee is due.
The first time I called to check dates I had a CM who was very nice but did not know how to use the code with a package. The second time I called (and had several sets of dates to work with) I spoke with a very nice CM who worked with me on dates for about 45 mins!! It's all about being flexible with a bounceback I think.
Any other info needed?? Hope this helps!