There are two different types of annual passes.
Power Pass
Preferred
The power pass has blackout dates (mostly all weekdays in the summer) and does not come with any discount benefits. It is $119.95 + tax.
The Preferred Annual Pass has no blackout dates and comes with lots of perks such as 10-15% off meals in both the parks and City Walk, 15 - 20% off merchandise and usually some really good discounts off the hotels. It is $179.95 + tax.
There is a third pass- the premier, but it is not up on the web yet. However, when I called the AP number the other day there was an option to push to find out more about it. It is $200 something and comes with the perks of the preferred plus some express line advantages in the afternoons and some waters. If you look on the Universal board, Phamton has a thread there where she has been keeping us up-to-date on when it is going to be offered and how much.
You also have a flex pay option - which means Universal splits the cost of the AP by 12 and charges your credit card 1/12 of the cost each month. For the preferred, this is just under 16.00 per month and for the power pass, it is a little over 11.00 per month.
Here is the link to the AP section of the Universal site:
http://www.universalorlando.com/annualpass/index.php.html
You can also call the AP phone line:
1-866-PASS-4-Fun