The "no late check-out" policy has been raised several times on the DVC Member Site and in other mailings. Here's the item from the Fall 2002 Vacation Magic in response to the question "Do Disney Vacation Club Resorts offer early check-in and late check-out?"
Paraphrasing check-in: You can check-in anytime on arrival day. The room may not be ready until after 4:00 p.m. Bell services will take your luggage.
Actual check-out paragraph:
Late check-outs are not available in order to ensure that all rooms are ready for incoming Members and Guests, check-out is by 11:00 a.m. If you'd like to stay and enjoy the resort on your day of departure, simply check out of your room by 11:00 a.m. and leave your luggage with the bell services staff until it's time to leave. For the consideration of all Guests and our busy housekeeping staff, please adhere to these time frames.