Like jo-jo has stated, you really have to calculate it out to see if it is worth it for you since the special AP discounts have not been announced to be renewed.
With the AP, you purchase the TiW card for $150. They will give you a paper card with an expiration date for a year. The expiration date for the TiW is NOT necessarily the same date as your AP, depending on when you purchase it. (I activated my AP in November, purchased TiW in April and the TiW is good until May or thru May I can't remember which.) Something to keep in mind, is the person who purchases the TiW card is the only person who can use it. My name is on the card, so if my wife wants to go to dinner with her mother, SHE cannot use the TiW card since I am not there. "Adding" an extra person to it is $50. This extra person is a spouse or partner. So I can't have my buddy sign up for $50 and the two of us split the cost.
Two of the main differences that I have found:
1. With TiW, they add an 18% gratuity to your bill prior to discount. You can always leave more if you wish, but you will be charged the gratuity. I have never had an automatic gratuity when using my AP discount. To me it doesn't matter, but to some it does and leave it at that.
2. With TiW, you get the 20% discount on alcohol. You do not get that with the AP discount. So if you go to a meal and you don't purchase an alcoholic drink, as long as the AP discount is the same 20%, it doesn't matter which one you use.
3. Blackout dates. TiW has set in stone blackout dates like jo-jo has stated. However, I have not seen any blackout dates for the AP food discounts. Last Thanksgiving I tried to use my AP at a restaurant where the AP discount was 20%. Told the server and she told me there was no discounts given on Thanksgiving day and that it was a blackout date. I didn't argue and just paid for the meal and went on with my day. I later contacted guest services and they did agree with me that there was NO blackout date for the AP discount and credited me back the meal discount.
Again, for $150, you have to add it up. I would wait and see what they do with the AP food discounts before I made too much of a decision.
Edit: Sorry, figmentedfollies posted before I finished typing.