I'll give this a try and hopefully it won't be to confusing.
DVC is actually a timeshare but in the tradition of Disney it is different from most timeshares.
When you join DVC you buy a set number of points (at least 150) at your home resort and you are assigned a use month. Every year at the start of your use month you receive the number of points you purchased to be used that year or banked for the next year. You can bank your points for later use or you can also borrow points from the next year. So there are times that you could have more points to use, if you so desire. Your purchase with DVC is only good until the year 2042 and nobody seems to know what Disney will do then, but we don't believe Disney will leave all us members hanging in the wind.
With DVC you can not only go to WDW or DL, but you can go just about any where in the world. Your points can also be traded out to the Interval Timeshare system. When you decide where you want to go, when you want to go, and what size unit you want, you can determine how many points it will cost you. If you have these points you can call member services and book your room if it is available. At your home resort you can book your reservation 11 months out and at the other resorts you can book 7 months out.
DVC properties include: OKW, BWV, VWL, BCV, HHI, VB, and a new one opening next year Saratoga Springs (formerly Disney Institute). If I am correct BCV is the only one still availabe at WDW unless you purchase a resale. I do not know when SS will start selling.
Okay now that this is so long I will tell you that we believe this is a great investment. We purchased in 1998 and we have gone to Disney every year since (not that we have to go there but we love it). Even if you don't go every year to WDW it is still a great choice because it can be used at so many different places or you can rent out your points and use the money to go somewhere else.
If you would like more information you could try checking out the DVC website at
www.dvcmember.com. Also if you are going to be at WDW or on a cruise soon, they have booths set up every where to get more info or a tour of the units.
LeiLani