I'm a member of the Disney Club. I called to get the great discount code that just came out through the Disney Club 800#. I used the Central Reservations Code, not the Disney Club code because I prefer the Central Reservations policy. Even though I used the 800# and the CM answered with Walt Disney Travel Company, I was able to use the Central Reservations code posted on Mousesavers and my ressie is under that policy (Disney Club had its own code).
The Disney Club policy is that you pay $100 to hold your ressie, then 21 days out, you have to pay in full for your resort.
The Central Reservations policy is that you pay your first night's stay as a deposit and the balance when you arrive (which is better for me) With the Central Reservations policy you can cancel 5 days prior to your visit and get a full refund.
Also, as far as the discount being deeper with the Disney Club, I would guess it would be for where you were staying. The CM I talked to gave me both rates for Disney Club code and Central Reservations Code and the Disney Club code worked out to be about $1.00 higher than the Central Reservations Code for some reason.
Also, Annual Passholder rates are supposed to come out on Sunday, so hopefully the discounts will be a little more, not that I'm complaining with a 40% discount!