The best way to determine what is the best deal for you and your family is to calculate what the ticket costs are and how many days you plan to spend.
For instance, when I was traveling to Orlando one week a year, the best deal for me was the old 7-Day Park Hopper Plus tickets. I'd spend about 3-4 days in the week at the parks and the other 3-4 days at the resorts. I never used water parks but did use the Pleasure Island admissions. One of those 7-Day hoppers got me two years' worth of vacations. It didn't matter if they were consecutive years either.
When I started traveling to Orlando two weeks out of the year (one week twice a year), I went to an Annual Pass. It cost me about $50 more and I lost my Plus entries, but I got free parking (a savings of $9-12 a day since I was staying off-property at the time), the Dining Experience (DDE) discount card, and didn't have to limit my park days. My park travel became more spontaneous since I could enter a park just for evening fireworks and not feel I just blew a $30-40 ticket.
When my sister decided to join us last October she asked me to help her price out the best ticket deal for her family. She had two adults and two children (6 & 8). She'd be in Orlando for 6 days and didn't plan to return for two years. She had
MNSSHP tickets for one of those 6 days which meant she had a ticket for that day. So I priced out MYW tickets through
Undercover Tourist... 7 day MYW with park hopping, 6 plus admissions and no expiration. Total cost for her was $1471. She used 4 of those 7 days and 0 plus admissions. When she returns in '09 she'll have 3 days of parks and 6 days at the waterparks, DQ and/or PI.
If she had purchased APs with the
DVC discount it would have cost her around $1395.
Now if her return trip had been this year, it would have been cheaper for her to get APs but just return before her AP expiration date. If she wanted to visit the water parks, then the MYW tickets become the best option. You'll pay an extra $100 for an AP that gives you access to the extra admissions.
The general rule of thumb is that if you visit parks 7 or more days out of the calendar year, an AP becomes the better deal for DVC members. I now visit 20-40 days of the year, half of it offsite, so an AP is a steal.
These sites give you the current ticket prices for your own comparisons:
http://www.allearsnet.com/pl/apass.htm
http://www.undercovertourist.com/united-states/florida/orlando/attractions/tickets/#14