Bonus time is great. It is based on the points used and always $5/1000. I think I'm correct in saying, whatever your current ownership is/benefits, etc, that you have - apply to your booking. Meaning, we are VIP Founders, grandfathered with unlimited housekeeping. So... within bonus time (14 days of booking), I can book with bonus time and get 60% off, upgrades, free housekeeping, no transaction fee. Did I miss anything? Like any reservation I would make with my developer points, the same benefits apply. That said, of course I book developer (no point in booking as resale (I do have that choice)). All points are $5/1000 and you pay at booking time (with a credit card). And you are not depleting your points. Thus, great if you are running out of points. An owner MUST checkin. No guest confirmations - no exceptions. That said, I'm sure if you typically pay housekeeping, you will need to pay for housekeeping for your reservation.
Bonus time, if I understand correctly, should be available 14 days from checkin. I have found that not to be true for me. It's not at midnight, I'm not sure when it does kickin. Sometime in those wee hours. I liken that to other time lapse issues we see reported here (like discount periods not kicking in at midnight or upgrades not working right at midnight).
I have also found that bonus time gets an odd error on the app - even though I am booking bonus time, it says I don't have enough points. If I use the desktop, it books. My nephew has never reported that to me and he is probably our biggest bonus time user (and being 30 something you know he's an app user - but always quick study and I'm guessing he goes to his computer when things don't work on the app).
And...I have had issues with not being able to cancel a bonus time reservation - not on the app, not on the website, and the VC's couldn't do it either (they had to open a ticket and did take care of things).
Since my family divies up our available points amongst us, we use it any chance we can. My nephew is the best, he went to Smuggs a few weekends ago on bonus time - who'd a thought (actually it wasn't hard to get into Smuggs. He had a good time, but that does not/will never take the place of Bentley Brook). One more brag, I actually changed flights to San Diego because I was able to pick up an oceanfront room at Oceanside using bonus time. The dates were earlier than something I had booked and could still cancel. That was a nice catch, we can't always be that flexible, so grateful for this one.