This all applies to me for sure. That's why I went with a 200 point contract at HH, February UY. Being a West Coaster (former DL cast member and life-long Orange County resident), almost all of the Direct "perks" are of zero benefit to me. Here's my thought process:
Disney Collection: not interested, and paying cash makes more sense anyway.
Disney Cruise: terrible use of points, terrible conversion rate
Adventures by Disney: another horrible use of points, terrible conversion rate (rent points and pay cash difference if you must)
Concierge Collection: joined DVC for Disney. I have other hotel memberships I can use (Hilton Honors, Marriott Bonvoy) and I do rack up points on business travel.
Annual Pass: California resident. While I travel to FL on business regularly, the rest of the family doesn't. Buying AP's doesn't make sense for one trip.
Member Cruises: again, terrible use of points.
Member Events: With only one family trip per year, the likelihood of hitting a Moonlight Magic or other event is almost zero. It would be one at most (if lucky).
Dining Discounts: this one is valid. Without a DW AP, we'd have to pay full price on food and merch. *
Shopping Discounts: see above
Recreation Discounts: we have miniature golf and water parks at home, plus we travel across the country for the theme parks.
Riviera: missing 1 out of 15 isn't a deal breaker.
* although not a given, I mentioned being a former cast member because we're a huge Disney family (three generations of cast members) and I still have several family members who are current cast members and we usually have one along on every trip. May not last forever, but for now it works well for us.
Also, having HH as my home resort isn't a deal breaker because we tend to travel to Florida from late winter to mid-spring (very flexible) and our preference is one or two bedrooms. Studios are just too small. Having the luxury of 200 points to use on one 5 or 6 night trip per year in the off-season really leaves a lot of options open. I don't really need a DW home resort. Yes, those maintenance fees are a bear, but they amount to about $300 more per year than our second choice, OKW. I can swing the extra $28 bucks a month.
Oh, and those 200 points I paid $78 each for, spend just the same as the guy who bought his GCV points direct from Disney for $300 each. We're both sitting in the same 7-month window boat.