I actually used points for part of my stay next month (2 nights at MiraCosta), so I’ll report back how that goes, but a few things to note….
TDR hotels can only be booked 4 months in advance using DVC (this is true for cash bookings as well, with the exception of vacation packages). However, TDR hotels have a tendency to sell out extremely quickly - and because of the time change, it’s possible that cash bookings could eat up most of the inventory (especially for coveted rooms at MiraCosta and TDLH) before the DVC member services line even opens. I believe the rooms come on around 9pm EST, so you’d have to wait until the following morning to book with member services - and I believe the department that handles these bookings is closed or has limited weekend hours. Probably not a huge deal for most, but DVC also doesn't have access to certain room categories - in particular, they can only book the standard view rooms at MiraCosta - not the park or Venice view, and some special suites cannot be booked using points.
Also - the point redemption isn’t the best, but I don’t think it’s horrible either if you have the points and want to do something different. Right now the Yen is fairly weak to the USD, so cash rates aren't as bad as they have been in the past. You can also rent out your points and use the funds to make a cash booking - you'll probably come ahead this way, but the convenience of just dealing with DVC and not worrying about the sale of points on my taxes was worth it IMO. If you're considering lumping in some of the other Asia parks on your trip, HKDL has some much better point redemptions (specifically mid-week), where you can often get the HK
Disneyland Hotel (like a mini Grand Floridian) for 20-30pts per night.
One thing that is great about using DVC at TDR compared to HKDL or DLP is that when you call member services to book, they will actively book the reservation for you then. It’s not like the others where they have to submit it, and then it could take up to a week to hear back. Also, because it’s a DVC reservation, you won’t be able to link it to your TDR travel case/website - meaning you’ll miss out on the ability to make certain privileged hotel dining reservations.
