If you go to a Disney non-DVC deluxe like the GF or Poly there is no exchange fee, just the points to stay there.
We are planning our next 4 vacations to stay at Cont, GF, AKL and Poly on points. I know it isn't the "best" use of points but its what we want to do and because that is one of the things that appealed to us when buying DVC. Besides we know we will get very spoiled in a one bdrm villa and not want to go back to the standard hotel room so we are getting these out of the way first.