Hi Regina -
My family has annual passes to Walt Disney World and we love them. There are great
benefits to being a Walt Disney World annual passholder, found at the linked website. Although they are subject to change, Walt Disney World currently offers passholders benefits such as discounts on merchandise, dining locations, and resort rooms (at certain times of year). Additionally there are often discounts on sports, recreation, entertainment and events.
As to whether it is a good idea for you to buy annual passes - you really need to crunch the numbers. The question is for how many total days will you be at the parks, plus what discounts will you take advantage of? If it's for five days total, then annual passes may not be right for you. If it's for 15 days total, then annual passes might be a good deal for you. My fellow Moms Panelist Erin wrote a wonderful blog on this topic. Go to blog.touringplans.com and search "annual pass make sense" to take you to Erin's post written in November 2012.
An annual pass year is not a calendar year. If you go into the parks for the first time on March 15, 2013, your year starts on March 15, 2013 and would expire on March 14, 2014. This allows you to consider the best timing of your annual pass - for example, if you are going to the parks from March 15 - March 22 in 2013, and then from March 7 - March 14 in 2014, those can be on the same annual pass. If you purchase an annual pass online, you will receive a voucher for the pass. The year doesn't start right when you order it - using the example above, you could order your tickets and receive the vouchers in February. You annual pass year would start when you redeem the vouchers for the annual pass at Walt Disney World in March.
Good luck with your decision, Regina, and have a wonderful time at Walt Disney World!