The $99 photo pass option for the entire year is still a lot cheaper than the memory maker option ($69 for 1 day, $169 for your entire trip when purchased in 3 days in advance, $199 when purchased for immediate - 2 days use).
So I see that as a benefit of the annual pass - assuming you go often enough to justify it.
You should consider not just the number of days but the number of trips as well since ticket prices increase dramatically if you're making multiple trips to Disney World. For example, a 4-day park hopper is about $500. The cost of the Sorcerer pass (assuming you qualify for it) is $900 (plus tax), so if you plan to make 2 trips of 4-days or more per year then the Sorcerer pass is worth it. Renewing that pass is $764 (plus tax) too.
If you were going to buy Memory Maker for your 2 trips, you're also saving $239.
My family and I tend to make 2 trips per year of ~5 days or so, so the Sorcerer pass is worth it for us (we're DVC and qualify to buy the Sorcerer pass). If you're out of state and not DVC - you need to buy the Incredi-pass which is $1,299 - so you need to check the costs and see what works.
The discounts for an AP are really only needed for 1 person in your family, so also consider this when you're considering AP vs. Tickets.
For example, you are only planning to go to Disney for 7 days in the next year, you have calculated you will save enough with room, merchandise and dining discounts to make buying an AP worthwhile - then you only need to buy 1 AP and the rest of your family can purchase tickets. Even if you buy Photopass for your AP, everyone in your family will still get their pictures so long as you're all linked in MDE.
There is a good Google Sheets you can use to try to help determine if it is worthwhile for you too:
https://docs.google.com/spreadsheets/d/ ... e1-J1G57s/