Sure, if you play your cards right. To me, it's not the same trip though.
We own at Wyndham Bonnet Creek so we've done both. You can pay about the same as value resort pricing to stay offsite and have so much more space offsite. (A two-bedroom condo with a full kitchen, living room, washer/dryer, etc.) as close to or closer to the parks than some of the Disney hotels. However, you will need to rent a car and pay for parking once a day. However, we find it a time-saver to drive to almost all of the parks unless you're staying at a deluxe hotel.
I personally love cooking and don't mind grocery shopping and cooking in our unit. In fact, sometimes I prefer it, especially with young kids. They chill out and have room to run-around while I'm preparing the meal. It's really a personal preference.
We've stayed DVC for the past 5 Disney trips we've taken, and I loved staying on property in a one bedroom. We're outgrowing them as our kids get older though, so we'll have to make some tough decisions. It's a much more expensive trip, but that doesn't mean the larger expenses aren't "worth it" to us.
My cousin and I are taking the kids this summer for the last trip before the baby turns 3.
I scored a rate at Pop Century that I thought was really reasonable for mid-June using the military rate. Having the use of Magical Express, the
DDP (since my cousin will be paying for her own portion of food and drinks), and Disney transportation made it an easy decision for me. It's going to be a tight fit, but we've been to Disney several times before and we're planning on spending most of our time in the parks this trip.
Regardless of what you decide, I hope you have a magical stay!