Benjamin,
I recently purchased 2 1BR at The Bay Club on an EOY basis, total of 9600 points every other year, for $3250 on eBay. However, because the ad had some inaccuracies in it, I negotiated the purchase price down to $1500 and this bid was accepted by the seller.
The purchase is in escrow now, but I have received a copy of the deed, which has been submitted to the resort and the county for recording.
If, like me, you're planning to use The Bay Club often, the potential downsides of having an affiliate resort ownership are very small. I have not personally visited The Bay Club, but my parents have an ownership there and they love it.