yes this years is over, but its a pretty good chance they will offer it next year as well as they have offered now for 4 years in a row.
if you are interested in it for next year, usually the offer will be announced sometime in march, thats when they will tell you the dates you can start booking it. usually it will start booking in april. its best if you want something specific to book it as soon as it comes out. many people will be doing bouncebacks this year(they will book it before they leave the hotel this year) so it will already be limited availability.
yes you do have to pay rack rate(full price) for the room. we stay in moderate resorts, for for us its a great deal with my family of 5. many times if you are a smaller family or if you prefer deluxe accomidations, you can find a better deal by getting a room discount and then paying for the
DDP. but if you stay in values or mods and have a family of more than 2 adults and a toddler, then it is almost always the best deal.
so if you are interested in it for next year, start looking around these boards in march to find out when you can book it. oh and if you ahve disney visa you will be able to book even earlier than the general public.