We've been getting the CD's for the last few trips, and personally I love them. We didn't get the CD on our 2005 trip and though we liked many of the shots the photographer's took, to buy many of them was cost-prohibative at their prices.
We started doing the photopass CD and now it becomes like a game to see how many photo pass shots we can have taken on the trip to build our stash of digital shots. If you tell the photographers you pre-ordered the CD they usually take some extra shots too. Once we get home and upload our cards, you can add borders, captions, crop etc, so each pic can have many versions of each shot on the disk. (I received a tip from a fellow DISer to photograph the back of your PhotoPass cards when you get them, especially if you have multiple, so if you lose one, you can still upload the number with the rest to capture your shots).
Once we get the completed Disk, I can print the ones I want in various sizes to fill frames, or share online, or make professional photo books on Shutterfly. You can usually order prepaid packages on many of the photo ordering sites to make the prints at about 10-20 cents a piece, or print at your local retail store (Target, Walgreens etc). Then we can incorporate the photo pass shots with our regular vacation shots to tell our vacation story.
Often on the Budget board, there are PhotoPass CD shares taking place where you can join up with a group traveling about the same time as you to save some money by sharing the cost of one CD, or if you are traveling with a group, you could split it up and share among yourselves to keep individual costs down. We love it, and won't go back to going with out unless Disney raises the pricing again to be too cost prohibative. We're sharging with 3 other friends on our December trip coming up next week, so that makes it like $25 a family.
Just wanted to share a positive experience with it so you can weigh all your options.
Jen