DL is definatly a differant creature than WDW! If you're looking for that "WDW resort feel", the only way to get it is to stay at one of the three resort hotels (DL Hotel, Paradise Pier, or Grand Californian). Of the three, PP is the least expensive, DLH is in the middle, and GC is the most expensive. But even so, DL is MUCH smaller than WDW. Imagine driving down the street of a large suburb. Look over to the right, and there's
Disneyland! Nothing like the 48 square miles of Flordia swamp land, let me tell you!
But, because of that, you don't really need to stay on property to have a great time and a "Disney" experiance. You can stay at one of the hotels across the street and just walk 5 minutes to the turnstiles of the parks. Because of this, if you're goal is to spend most of your time in the parks or DTD, then you don't need to stay at a Disney resort, you should save your money (or your points) for other things.
But, if you'll be spending a good deal of time at your hotel and enjoying the facilities, then you may want to consider one of the DL hotels. Their facilities are top notch, just like in WDW and you're still very close to the parks. For a comparable 4 or 5 star hotel off-site, you'll need to either rent a car or rely on shuttles, as far as I know all the nicer hotels are further away from DL. The Mousesavers.com site recomends the Anaheim Hilton, it' can often be had for less than $200 a night and from the pictures I've seen, looks VERY nice.
Personally, for my upcomming trip, I'm staying across the street (literaly) from DL and paying $59 a night at the Desert Inn and Suites. Very basic accomodations, but we'll only be in the room to sleep, shower, change, and to store our stuff!