I booked a garden view concierge room at the Polynesian for March 22-26. At the time of booking, only the DC discount was available, which was 10%. Total with tax came to $1969.20, so we saved about $196, and since the room tax is 11%, we figured we were at least saving the tax rate. We booked with WDW Travel, of course--the only way to do a DC discount booking, and the total was due 21 days out. Two days after that deadline, I was able to get an AP rate of $1128 for the same room, same time, saving an additional $841.20. This was a 43% savings off our previous rate, which came out to about a 45% savings off rack rate. Now considering an regular AP is about $300, and we do plan on going again within the next year, buying an AP was well worth the savings. Another factor is that we are planning on going next January, when AP rates are almost always available, so again, we'll be saving money on the room.
I did have an AP which expired December 31. Because of the new renewal policy, I did not renew, but bought a new pass. For me, it's worth the savings, and I'll end up using it on two trips. While it's true you can't "mix" the two discounts, you can, if it's available, get a much deeper discount on a room with an AP discount vs. the DC discount--and either way, you will need some type of pass to get into the parks. November and December, howwever, usually don't have any AP discounts, but then, neither does March. We got lucky this time.
Another thing to point out. WDW Travel and CRO are completely different systems. We could not move our money over to the new reservation. The first one is cancelled, and in two billing cycles, I'll see the credit show up on my statement. On the new reservation, my first night is paid for, and we will pay in full at check in. A little hassle, but well worth $800 saving (OK--$500, minus the AP, which I already had bought last November!

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<font color=red><font face="Comic Sans MS"><marquee direction="right" align="middle" behavior="alternate">proud member of the Danettes</marquee></font></font><font color=maroon><font face="Comic Sans MS">CBR October 1994
<font color=green>Treehouse January 2000
<font color=orange>ASMusic November 2000
<font color=dark pink>Polynesian March 2001</font></font>