DVC is one of the best things Disney ever created. Look at how slow Pop Century is coming along, but they keep on building and selling out of DVC resorts. We bought in at Vero Beach and then added more points. The points currently run $80 per point at any resort. Right now, Vero is trying to sell out so they will "buy back" your first year of points at $15 per point, making it only $65 per point. When we bought in 2 years ago, they were $65 per point, but we got the same deal at Vero and bought in at $50 per point, the original price.
As for buying at your favorite resort, that is hogwash unless you have to go at the busiest times of the year. Even so, I was able to book at Boardwalk for 4th of July week and I own at Vero Beach. The key to DVC is careful planning.
If you want to make DVC a "great value" here are the two best pieces of advice I can offer. First, you need to be able to book Sunday-Thursday nights only. The prices for Friday and Saturday are much higher. Second, you must be ready to book the first day the 7 month window opens. I have done those two things and have never had to settle for a different resort than the one I wanted. The only time I have settled for a different resort is when I waited to the last minute to book.
This past summer we stayed at the Paradise Pier at Disneyland and it was wonderful to not have to pay for the room in cash (285 per night).
In 2004, we are going on an Alaskan Cruise, then staying in San Francisco, then going back to Disneyland, all with DVC. We also took the Disney Cuise with it and it was wonderful.
If you have any other DVC questions, feel free to ask me. Yes you pay a lot upfront, but 10 years from now, you will be taking vacations that cost up to 10,000 per year for only 1000 or less in maintenance fees.