My two cents:
The DDO points are okay, pretty neutral reward, but useful nonetheless.
The Bag of Many Things have a pretty diminished value, the regular ones are really only good for raid timers to me, but even then I don't raid enough to really get past the clutching of using an item I might need later. And the Greater Bags I feel are only good for reincarnation items, but reincarnation items aren't hard enough to farm to justify the use of the bag. Like if I fall short on seeds and REALLY don't feel like a half day of farming I could use it, but I feel like as I play more the chances of ending up short are going to be pretty slim.
I have enough character slots, especially with the server shift granting more.
Durability ward was useful the first two times, but I don't worry about durability anymore, what would another 10% do? I already don't worry about it AND I don't use any durability ward enhancements.
I'll take the storage space I guess, any amount helps, but it's a pretty tiny amount that will feel pretty unnoticeable, especially compared to reincarnation cache.
The delirious dreamwear set seems really underdone. Like no embroidery or details. It feels like the obvious answer to the question of what's the lowest cost cosmetic we can give. I like the idea of sleepwear, that's fun, but the execution is such that I'd almost feel embarrassed to wear it compared to any other cosmetic (or even non-cosmetic) I could wear.
The crafting xp is useless. As Voodu pointed out, at 32 months in you either have it maxed, or don't care. Unless you're revamping Cannith Crafting this year to take advantage of being overleveled for crafting recipes, it's not useful. And the token is listed as the same from last year, to which again I ask: Is this supposed to be "Common Crafting Material Token" or is it a higher rate of the uncommon? Still don't think it will be super useful compared to the uncommon or even rare tokens (if it is supposed to be common) but I'll at least appreciate that.
Discover boost is nice, I'll take every chance you'll give me.
And actually excited for the mount. Looks cool.
All in all, I'm not buying VIP for the loyalty reward, I was for year 2, the uncommon tokens alone were worth it to me. But I have a lot of those saved up now. And there's nothing new that interests me enough that it would sway me year 3. But really I buy it for the monthly DDO points, the difficulty selection, the movement speed, the monster manuals, and the gold weekly dice.
If the goal is to add value, especially for playing longer, the value actual drops off the longer you play with these rewards. They're neutral to me this year, next year would likely be insulting as it is this year for many in this thread. Like the artisan advantage and bags of many things, those are less valuable to experienced players because experienced players don't need crafting xp and they're going to be good enough at farming to not need hearts of wood handed to them (especially since I'm already doing okay at that without hitting reincarnation xp increase).