All other things considered equal (annual costs and purchase price say), then which points program do most believe the best?
Well that depends on you and your interests and travel habits.
You will do well to spend some time researching the different points programs because there is definitely no "one size fits all" program.
I own several points programs for different needs, for example:
I own DVC points strictly to use at Disney resorts.
I own Wyndham points to strictly use at Wyndham resorts but there is an option to use them in RCI for weeks exchanges.
I own HGVC points again to use within the Hilton club especially since I want to go to Marco island and it's easy with Hilton but not so with RCI. I also like their open season rentals which allow one to get an extra vacation without having to own more points. HGVC also trades well in RCI for those high value weeks that don't make sense with your run of the mill timeshare.
I also own RCI points for more flexibility within the RCI system. This allows me to book as little as one night or more than 7 day stays within the RCI points resort system for very reasonable fees and there are discounts offered for last minute type exchanges.
Of course there are other points programs. You should familiarize yourself with the resorts within the mini-system or points program that you think you will be interested in to see if it gives you enough options to make sense and invest in that particular system.
Many points systems have regional appeal or are heavily concentrated in certain areas like DVC and HGVC, others offer lots of options like Wyndham and Bluegreen.
Where do you live and where do you like to vacation? That will determine which points system to buy into. If you share with us, we can guide you appropriately into which system may work best for you.