The way that I understand the reservation system to work at Point at Poipu.
View categories are an integral part of any reservation made within the DRI system. If you a Points owner, you reserve into a specific view category, and are charged the corresponing points. If you are a deeded week owner, you reserve in a view category consistent with your deed. The inventory system keeps track of what inventory is available on any given check-in day in each specific view category. There is no automatic bumping of owners to a higher view category just because their view category happens to be filled.
When a unit is deposited for exchange, the system merely notes that there is an incoming exchanger on that date, but does not assign the exchange to any specific view category. It works that way so that they accommodate the maximum number of owner reservation requests. For example, let's say that exchange had been assigned to garden view, so there is one less Garden View unit available that check-in day. Meanwhile, assume that all of the remaining Garden View units are reserved by owners. Then, if another owner wants to reserve a Garden View unit, then they will have to say "nothing available", even though there may be space available in Partial Ocean View. By not assigning the exchange to a view category they maximize their ability to accommodate owner requests.
There is also a check that prevents overbooking of weeks - when there is an incoming exchanger that is reflected by decreasing the aggregate number of allowable check-ins on that date. If the resort fills, then end result will be that there will be vacancies in various view categories that match the number of incoming exchanges. The exchanges will then be slotted into whatever view categories happen to have ended up unfilled.
That means that as an exchanger, you can wind up in any given view category. Ocean front and ocean view are in highest demand, and points owners will most likely snatch those up. Also, there are many points owners who want to go to Hawaii as cheaply as possible and will snatch up most of the garden view units. So during high demand periods, my guess is that exchangers have a good chance of receiving partial ocean view.
When the resort is not full I'm not sure what happens, though I expect that exchangers would receive the lower view categories, so that the resort can put the primo units in the hotel market and generate more money for the resort.