I can speak to this and give you all of the options. If you buy points, they give you a dream vacation that can include airfare and hotel with a value up to a certain amount. The lowest points like 3,000 only provide accommodations for a few days, but the most points provide up to a cruise. In all cases, accommodations and airfare are for 2 people. The options are as follows:
3,000 points are accommodations only and 20% off rental car:
Las Vegas - 5 nights at Polo Tower Suites in 1 bedroom
Orlando - 5 nights at Mystic Dunes Resort & Golf Club in 1 bedroom
Honolulu - 5 nights at The Modern Honolulu in Standard Hotel Room
Kona - 5 nights at Royal Kona Resort in Standard Hotel Room
St. Louis - 5 nights at Red Lion Hotel St. Louis City Center in Standard Hotel Room
San Diego - 5 nights at Hyatt Regency Mission Bay Spa and Marina in Standard Hotel Room
6,000 points are accommodations and airfare with 20% off rental car
Las Vegas - 5 nights at Polo Tower Suites in 1 bedroom
Orlando - 5 nights at Mystic Dunes Resort & Golf Club in 1 bedroom
Honolulu - 5 nights at The Modern Honolulu in Standard Hotel Room
Kona - 4 nights at Royal Kona Resort in Standard Hotel Room
St. Louis - 5 nights at Red Lion Hotel St. Louis City Center in Standard Hotel Room
San Diego - 5 nights at Hyatt Regency Mission Bay Spa and Marina in Standard Hotel Room
7,500 points are accommodations, airfare, 20% off rental car and can include a cruise or stays at 2 places
Orlando and Caribbean Cruise - 4 nights at Mystic Dunes Resort & Golf Club 1 bedroom and 7 nights Caribbean Cruise Ocean View Cabin
Kona - 6 nights at Royal Kona Resort in Standard Hotel Room
Honolulu - 7 nights at The Modern Honolulu in Standard Hotel Room
Maui - 5 nights at Royal Lahaina Resort in Standard Hotel Room
Las Vegas & Mexican Riviera Cruise - 4 nights at Polo Towers Suites in 1 Bedroom and 7 nights Mexican Riviera Cruise Ocean View Cabin
Orlando & City Urban Hopper - 4 nights at Mystic Dunes Resort & Golf Club and your choice of 4 nights at Chicago, New York, Nashville, Miami, or Washington DC
Las Vegas and City Urban Hopper - 4 nights at Polo Tower Suites and 4 nights in Los Angeles, San Francisco, San Diego, Seattle, or Vancouver
Orlando & Costa Rica - 3 nights at Mystic Dunes Resort & Golf Club in 1 bedroom and 6 nights in Costa Rica in Standard Hotel Room
15,000 points are accommodations, airfare, 10-20% off rental car and can include a cruise or stays at 2 places
Orlando to Ireland, Germany, Italy, or Greece - 5 nights at Mystic Dunes Resort & Golf Club - 1 bedroom and 7 nights in Dublin, Berlin, Rome, or Athens in Standard Hotel Room
Orlando to the Caribbean - 4 nights at Mystic Dunes Resort & Golf Club in 1 bedroom and 7 nights in St. Croix, Aruba, or Turks & Caicos in Standard Hotel Room (not sure if it is a tour or not, but it talks about the different cities you will see)
Hawaiian Trifecta Honolulu, Maui, Kona - 4 nights at Modern, 3 nights in Maui, 4 nights in Kona standard hotel rooms
Las Vegas to Costa Rica - 4 nights at Polo Tower Suites in 1 bedroom and 8 nights in Costa Rica at Standard Hotel Room
Orlando to Rio de Janeiro - 4 nights at Mystic Dunes Resort & Golf Club in 1 bedroom and 7 nights in Rio de Janeiro in Standard Hotel Room
Honolulu & Hawaiian Cruise - 3 nights at The Modern Honolulu in Standard Hotel Room, and 7 nights Hawaiian Cruise inside cabin
Las Vegas and Alaskan Cruise - 4 nights at Polo Towers Suites in 1 bedroom and 7 night Alaskan Cruise in Ocean View Cabin
25,000 points are accommodations, airfare, 10-20% off rental car and can include a cruise or stays at 2 places
Honolulu to Australia - 5 nights at The Modern Honolulu and 7 nights in Sydney in standard hotel rooms
Orlando to Denmark & Scandinavian Cruise - 4 nights at Mystic Dunes Resort & Golf Club in1 bedroom, 2 nights in Copenhagen in Standard Hotel Room, 9 nights Scandinavian/Russian Cruise in Balcony Cabin
Las Vegas Peru - 4 nights at Polo Towers Suites in 1 bedroom, 2 nights in Lima Peru, and 6 nights Machu Picchu tour - standard hotel rooms for the last 2
Las Vegas to Tahiti - 4 nights at Polo Towers Suites in 1 bedroom and 6 nights in Tahiti in Standard Hotel Room
Las Vegas & Vancouver to Calgary, via rail - 4 nights at Polo Towers Suites in 1 bedroom and 5 nights Rocky Mountaineer Journey in Railway Car and Standard Hotel Room
You have one year to use them. They tell you that it is a much better value to use the trip within the 1 year you have, otherwise, they convert to points that have to be used the following year. It is better value to use the trip than to use the points for accommodations. Each trip has retain value up to a certain dollar value. The most expensive are dollar value up to $8,500. Lowest dollar values are around $1,000.