4/3 is a better deal, IF you stay the full 7 nights. If you cut the trip short by even 1 day, you are better with the 40% off discount.
You also have to need the tickets with the 4/7 offer.

Very true. I of course was assuming she did, since she was thinking about using it.![]()
Yes, this year's 4/7 isn't quite what it was last year. I don't think you had to buy the 4 day pass last year (only 1 day, good for AP Holders) plus up through March WDW gave the $200 giftcard. I don't really even think the 5/7 for the Values is really worth it, if I were booking I probably would go with a moderate for the price.
Even if you don't need the tickets, can't you save them and use them next time? We had the same dilemma trying to decide between 4/7 and Visa 40%. We normally only stay 5 nights, possibly could stretch it to 6, but as mentioned already, unless you're staying for the full 7 nights, 40% works better. But if we could swing staying for at least 6 nights, I had a CM suggest booking the 7 and then just checking out a day early, you'd have the room all day on your last full day in case you had a late flight. ~You also have to need the tickets with the 4/7 offer.
~Even if you don't need the tickets, can't you save them and use them next time? We had the same dilemma trying to decide between 4/7 and Visa 40%. We normally only stay 5 nights, possibly could stretch it to 6, but as mentioned already, unless you're staying for the full 7 nights, 40% works better. But if we could swing staying for at least 6 nights, I had a CM suggest booking the 7 and then just checking out a day early, you'd have the room all day on your last full day in case you had a late flight. ~~
You could always do a split reservation and book the 4/7 and then a 2 day with the 35% off. There is a small chance you would have to change rooms, but you might save some more. Usually Disney wants you to stay in the same room, it saves there time as well. When we had to have 2 reservations due to the cut off for AP discounts last fall, we stayed in the same room. Just another idea to ponder. You could get the longer pass with the 4/7 making that the first leg of your reservation to make up for the 2 extra days.We are staying for 9 nights so for us, the 35% off a moderate (French Quarter) works out to save more money than the 4/3 deal as we get the 35% off each night
So I guess it all depends on your situation.