We have since upgraded to Universal Premier Passes and only do the Disney's Spring Florida Resident for 3 days for $129 each.
Overall the option to have no blackout dates with better perks for a comparable venue made it compelling.
I can't understand why Knott's Berry Farm or Universal has not created their own versions of Space Mountain and Toy Story Midway Mania. People often wait hours to ride these attractions. There is a huge unsatisfied demand for these products. It appears that Disney would rather raise prices and lose some of these customers, instead of investing money to increase ride capacity.
Disney has demonstrated "pricing power" - they can raise their prices without a significant adverse impact on demand. Looking at Walt Disney World, it is interesting to observe how prices are discounted for multiday passes. A one day pass to the Magic Kingdom is $99, two days at Disney parks is $188, and three days is $274 (still over $90 per day). However, day 4 is $20 per day, day 5 and beyond are $10 per day. Basically, Disney feels it has pricing power until Day 3, then it has to discount steeply in order to generate additional park visits. At that point, many guests are presumably ready to check out the competition, find a non-theme park activity, or go home.