In fairness, if you eliminate the
DVC discount on WDW passes from the discussion, this is actually a pretty good deal.
A Walt Disney World Premium Annual Pass is currently $659 per adult.
Sounds like the Premier pass is around $720 with tax, so you're getting the
Disneyland access for only about $60. Not too bad.
But much harder to justify for DVC members who are sacrificing that $125 discount. DVCers are only paying $526 for the PAP so we are looking at a $200 premium for the Disneyland access.
People who already buy APs for both coasts will be tickled--DVC members or not. Aside from those folks, without knowing how many even buy WDW PAPs right now, it's hard to guess how many additional sales this thing will generate.
The idea of this all-encompassing, dual-coast park with no exclusions or blackout dates is very cool. But Disney also made it very expensive.
If they really wanted a device that would serve as something of a loss leader to encourage WDW guests to visit DL and vice-versa, I think they would have been much better off with a cheaper hybrid of the standard WDW AP and Disneyland's Deluxe AP (with blackout dates.)
I'm not really sure who their audience is for this pass. $700 is a lot of dough for one person to fork-over for a year-long tour of the Disney parks. I think your run-of-the-mill guest on a budget who wants to visit both DL and WDW will continue to stagger trips and buy more economical park admission.