I'm not at all suprised to see a free dining offer and expect to see one for most of 2012 as well. As already stated, free dining is the most profitable discount for Disney. It helps ensure people stay on site to sleep, play and eat. And if they're onsite, they're likely to spend their spending/souveiner money there. Plus the economy hasn't improved to warrant most people taking a full price Disney vacation.
And lastly, 2012 may be a difficult year to try to sell people on a full price Disneyworld vacation because parts of the new fantasyland expansion are slated to begin opening in 2013. If this was our once in a lifetime vacation, an every couple of year vacation, or a vacation where I wasn't certain if we would be able to afford coming back again for x number of years, I would hold off on coming until the expansion is complete. So based on this, I tend to think bookings are down or low for 2012.