Since I like math and statistics, I wrote a small Excel spreadsheet for our laptop to keep track of our time on our annual passes. So far after 6 months, we've had 18 days at WDW, and 101.2 hours in the theme parks (22.0 AK, 35.8 Epcot, 18.7 MK, 24.8 Studios). Note: we don't go to the parks everyday.
Thus far, it's an average of $3.23 / hour of theme park usage.
Also travel time has been 16.45 hours. This includes only travel from our resort to the parks, or travel time between the parks. Travel is always shortest when we drive directly, longest when we take Disney transportation (boat or bus), or walk. (EG walk from MGM to Epcot).
With 6-months to go, and three trips planned (totalling about 60 more days at WDW or in the area (off-site), we expect to add lots more park time onto those passes. Disney, meanwhile will still get lots of our money from souveniours and food (mostly food). We do plan to do the water parks at least once, (we'll just get a day pass for that), and of course lots of time at DD.
Our longest single day was 11.50 hours park time. Our shortest was 1.75 hours. That's what's great about the AP. Stay as short or as long as you want. You don't feel like you have to stay from opening to closing to get the most out of your money.