The Play, Stay, Dine offer is really not too far off from FD - depending on the amount of people in your party. If your budget isn't too tight, it's a good alternative. Did you price that out?
For the length of stay at POR (January 28 - February 11) with the PSD offer, it would cost us $3,831 (with 5 day park hopper tickets)
For
Free Dining, it would cost $3,471 (with 5 day park hopper tickets)
So between those, we are looking at about $400 more for the PSD than if we got the free dining.
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For room only discounts, it would cost $1,944 (or $2,291 with 5 day park hopper tickets).
If we paid for the dining, it would cost $4,523 (for QS) or $5,027 (for Dining)
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So, it would roughly save us $1,196 (between paying for the Dining plan or paying for the PSD).
It would roughly save us $1,556 (between paying for the Dining plan or getting it free).
Between those, that is only a difference of $360 but we have never had to pay for the dining plan before.
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We went in January/February 2012 and received the free dining (stayed at POFQ) and it cost us roughly $2800 for everything.
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We are actually just considering not getting the dining plan at all. We always have left over snack credits with it (I rarely use them) and last time, we used only a few of the sit down dinners.