I have made Photopass photobooks for the last 2 trips. The one before that was extreme budgeting (trying to convince DH Disney was within our means, I tihnk!) So on that trip, we still used Photopass, but I found a cheaper service for the book.
My experiences:
My 2009 non-Disney Disney photo book is awesome! I did not like the "preview" function, though. I wound up with the bottom of one line of text half on and off the page, because the preview was not clear, but overall, I still consider it awesome.
My 2010 Photopass book is great! I did it with my sister, we set the account up so that we could both work on it. I loved all the Disney embellishments you could add to the pages. The only thing I didn't like was that we wound up with some repeating backgrounds and layouts, just because they were a little limited in the number available, if you wanted a lot of pictures on each page.
By 2012, Photopass had noticeably enhanced its editing software. DSis and I had a ball rearranging the pages. We may have spent longer on the book than on the trip! But it was fun! I learned how to make a photo as a background and that cured the repetitive background issue! It was very nice software to work with, and the book turned out as good as the other two, or better.
Since then I have started putting some non-Disney pictures into photo books. The other services seem to be getting better all the time, also. Photo books are the way to go, imho! It's just a matter of which service you want to use. If you use Photopass, you will wind up with a highly Disneyfied book, which is kind of the point anyhow, lol. It also saves you uploading the pictures they took (but you'll still have to upload any of your own you want to use.) But I don't think you can go wrong either way!