Personally I don't think we do too bad. The discounts are transient things and Bob Iger has announced that he intends to ween the public off of them and offer less discounts.
Me, I get $125 off of my AP
I get the TiWc for ont $75 and get 20% off my meals (Not free meals I grant you, but that's also 20% off of alcahol... Yummy)
There's other discounts which I'm sure you already know then the kicker:
I get to stay at what I consider a delux level resort (this time it's AKV) for what works out at $104 a night. (Annual dues on points used divided by the amount of days in the room).
Yes I know there is the initial outlay as well, but if you split that by the amount of years left to run on the contract and the amount of points you have, the addition is negligable (If I did my maths right it added $2 roughly).
Sounds like a good deal to me!