Wait until 2013
My suggestion is this - wait until read some reviews of stays at Aulani. Then wait for ALL construction to be completed estimated by end 2012 or beginning of 2013 per Member Services.
I am always careful to inquire about possible construction disturbance and was on phone discussing Aulani a few months back with Disney Member Services. I'll never forget my stay Polynesian at Disney World - major construction on the new pool - no pool to use, and construction at Bellagio in Vegas for the ARIA next door - where there was NO SLEEP possible 24 hours a day from our corner suite. Now I'm always careful to ask about construction or refurbishments expected or scheduled.
Speaking with Member Services, construction on Aulani is to continue until end of 2012, so I would wait until then, don't bother being one of the first to visit. Think will have better experience if wait until know what to ask for in reservation (based on reviews), and wait until all construction is completed, plus give some time for the landscaping to adapt too.
We're planning our trip to Aulani for spring break or summer 2013, but hoping to stay 2012 at HGVC Waikaloa Village on the big island.