Since you said you don't want to stay at Grand Cal villas, to give you an idea...
The '09 points for part of spring and our stay next week, for DLH concierge, are 39 points per night Sunday through Thursday (64/night Fri and Sat). The "cheapest" it's been or will be this year, at DLH, is 20 points per night Sun-Thurs in a standard view room.
We're using developer points for it, b/c they expired before we would be able to get to WDW (otherwise we would go for it there).
If you look around carefully you can find really good offsite motels (most are motels, a few are hotels) at DLR in walking distance. HoJo is one of the few really close hotels, and if you can get it during their special Entertainment Rate times, it's as low as 59/night plus taxes. Free parking. Walking distance. If you walk the correct side of the street, you can hear the music from Disneyland. You can see the fireworks from the parking lot and hear the music. Not the way I'd PLAN to see the fireworks, but it's fun if you happen to be there.
We had little interest in staying at Grand Cal villas, so we didn't buy those points, b/c at DLR we're happy with all sorts of places around there. And you can get them for far under 150. Heck, we got the Hilton in December for 60 (though they charge for parking and it's a bit of a walk).
If you don't particularly want the bigger room or longer stay during a WDW year, and you want to check it out at a Disneyland hotel, go for it. Some think that the ability to stay at DLH and PPH on points *without the $95 fee* will go away after Grand Cal villas open up...who knows?