Another local here. Have had an ap for the past 15 years, visit the parks at least once a week. Here are my views on the subject
1. Going that often and I still haven't reached the loss of wow factor. This varies with the person, some people see disney as a one and done, some can't get enough and there a bunch of people in between
2. Disney looses money from me. When I go i usually don't eat and if I do i usually get kids meal, I may eat at a sit down, maybe 5 times a year. I don't buy a lot of Disney merchandise. Disney is the cheapest form of entertainment for me and my daughter, we pay $90 a month for both of us, we do very little else outside disney, we do visit universal but my son works there so we get in for free.
3. There has been a decline in ap benefits. I've met with imagineers that created wishes, went backstage of the safari ride, had special screenings of movies, meet the pupeteer that brings Gonzo to life, had a AK night with rides and food available, and many, many more, all of these special events are gone. I still see a value in my ap cause where else can you have the attractions , entertainment and magic for that price, again this depends on the person
4. Disney has lost its edge, especially in guest communications, it is unacceptable that disney hopes that yout make your dining reservations, hotel reservations and fp in advance, so they can have the data but are not giving the guests the correct times for parks, attractions and entertainment operations. It has very little effect on me, as a local, but it still not right and they have done this all year.