From what I hear...
I have to put it that way because I have never stayed at the Makai Club, but...
From everything I have ever heard about Makai Club, you will want to use it as a last resort, pun intended. I have visited the Princeville area for several years now and have heard it dozens of times... avoid the Makai Club. I have repeatedly heard that they are generally run down and, in particular, have a strong mildew smell. But this is all hearsay!
If you are limited to RCI and want to stay in Princeville (which is my favorite vacation spot in the whole world), my recommendations, in order, are...
Shearwater, great and all with better than great ocean views
Alii Kai, better than average with a chance at ocean view
Cliffs, better than average with a chance of ocean view
Bali Hai, slightly better than average, inland
Ka'Eo'Kai, average, inland
Makai Club Cottages, average, inland
Makai Club, below average, inland
If you are also affiliated with Interval International, then my first choice would be a two bedroom at the Hanalei Bay Resort. Even if you don't need a two bedroom unit, insist on it anyway. Two bedrooms are almost all ocean view, whereas almost no one bedrooms have an ocean view.