I'm going next month during Value Season. I'm getting off either 20% or 25% of the resort fee, so paying for the Regular Dining Plan. By my calculations, if it is $51.54 per day, a TS is worth about $33, a QS is worth about $16.50 and a snack worth about $2. (You can add or subtract a dollar here or there). There are plenty of snacks, including the wonderful list on this board, where you can find snacks up to about $4. If you order some of the higher priced items on a 1 credit TS, you can easily exceed $33 with the tax included on the bill. The QS if sought out with some research and including tax, dessert and beverage can be done in the vicinity of $14-17 or so. Plus the refillable mug, if you drink soda, coffee, tea, iced tea or cocoa once or more a day (at approximately $2 or $2.50 each) would still make this worthwhile. However, if you eat vegetarian or lower priced entrees as opposed to steak or fish, and don't eat too much dessert, you might want to price out the restaurants you want to do and see if you would do better OOP.
These numbers also made me eliminate from consideration most of the Signature Restuarants (at least for using the
DDP on them). If 2 TS is $66 (again, based on $33 per TS credit) and the entree at one place is $40 plus a $10 dessert and a $2 or $3 beverage, plus tax, why cover a $52 plus tax bill with a 2 TS credits equaling about $66? This worked out as being worthwhile as far as the Hoop-Dee-Doo dinner show which is about $69 OOP for the last show (Category 1 seating) including tax, tips and all-you can eat and drink. But at places like the Brown Derby, etc., it would probably be better to pay OOP if you want to eat there.
Of course, on the Deluxe Plan, all bets are off, insofar as each dining credit would be worth less (approximately $27) each, since there are 2 snacks and you can use these 3 main credits at a TS or QS. (But it would be a huge waste to use a $27 credit for a probably at most $17 QS meal!) On the other hand, it would then probably be worth it to use these credits for Signature restaurants, especially since on these and other TS on the deluxe plan you get appetizers. For me, it's just too much food. Perhaps Disney might be counting on that fact as well; some people overestimate how much they can eat and might not eat all they've paid for. For big eaters and lovers of more haute cuisine, it's probably a good deal.
Also, when folks talk about the free dining, they may want to price it out and see if they'd be better off looking for discounted hotel offers (if they can travel at that time of year when discounts are offered) and seeing if the numbers work better without "free" dining. Of course, if you can get a discounted hotel room and free dining, that would probably be worth it.