If you search the archives of this board, you'll find several threads on this topic.
As a DVC member, I am disappointed that WDW doesn't offer our membership better discounts than they currently do. they do offer us 10% off the UMP's (or what ever they're called today!) and that special 5 year/4 5 day park hopper tickets deal for DVC members..that, IMHO is a joke. So, they do offer us something, which is better than nothing, and some members have posted that the 10% off the UMP's does work out well for them.
We still belong to the Disney club so we can take advantage of the 5% discount on tickets. However, last year WDW offered their AP members 10% off AP gift vouchers or renewal ... so we picked up 4 new AP's to have on hand for a couple of years. It works for us!
However, I tend to look at what they have offered us as being better than nothing..after all, I purchased a time share, and anything extra I receive is a perk.... (we purchased in 1997, the free pass program wasn't being offered anymore!)