It is a timeshare offered by Disney, themselves. It is basically a way of pre-paying several decades worth of Disney vacations in advance, and taking advantage of the cost savings from doing so. We've been members for almost 10 years, and broke even a couple of years ago. So now we pay a reasonable amount each year for maintenance (about $900-$1000), and have the equivalent of a couple of weeks in a regular hotel room, on the BoardWalk, right outside Epcot, available to us, for the next 30 years.
Check the very top of the page right under The Timeshare Store logo. You'll see DIS Home, DVC Resales DVC Point Charts and FAQ's. Click on FAQ's. You'll find out a lot more.
Don't let the word "timeshare" scare you off. You don't buy a certain week each year, like the traditional timeshare. Instead you buy points and can use them any way you like.
I think Disney's point system is a great way to vacation. You will never have to worry about buying a red, blue, or white weeks as with traditional timeshares. If you love Disney, its the way to go. I think I'm more into it than my kids and DW.
Brownie