Pricey when using points, yes, but if you can book during open season, pretty reasonable. The ocean view rooms are not much more than the standard rooms during open season.
See this other post of mine...
I owned HGVC years ago, when the open season rates were a bargain. I've just purchased back in, and see that now, not so much.
What I am seeing though, is that the open season is still worthwhile for the premier units. For example, I just booked a Penthouse studio premier unit at Ocean Tower in Waikoloa. Club season points for one week is 12,400, vs a regular studio of 3,400 points.
HOWEVER, in open season, the Penthouse studio is only $1,317 vs $1,004 for a normal studio.
I think this is actually a great deal. So, in limited circumstances open season still makes sense.