Is an argument more persuasive if you just throw out (usually extreme) opinions as fact? Maybe I should say timeshares are dead, because the biggest player, Marriott, is not developing them and have been taking a beating from the sector. Sure I could say that and it's nice because it sounds black and white, but it's not reality.
As mentioned on DC4MS, Crescendo had a points based system, A&K does not. As a result, I've done both. I understand the fairness based arguments behind the points based system. In fact, I've made that point myself before, and that system is very important in a timeshare system where you're selling out 52 weeks a year, and really need to manage that kind of demand. However, after trying out the new system, I've really liked not having to worry about high season/low season, holiday/non-holiday. I book what I want to book without having to spend my points based currency. I've certainly traveled on a lot more holidays as a result.
As folks have pointed out before (e.g., Kage), points based systems are good for people that have the flexibility/desire to travel non-holiday, non-high season times, because you can get a lot of extra days essentially. However, it's not so good for those in the opposite camp (usually families with children), as you're paying a lot for when you typically can travel.
VRBO is good for selection, bad for consistency in quality. With a DC, you know exactly what you're getting every time. You know that you've got a destination host that is keeping the house up (and is there if something goes wrong) and giving you the most current recommendations for a destination, because they live there. I know what kitchen utensils I'm going to have. I know that there will be an office with high speed internet access and a printer with paper and printer cartridges. I'm sure a lot of people don't care about those things and love VRBO, but that's why they have different products for different people.