I stayed at the Colony several times on an exchange. The units are all two bedrooms, two baths and quite large. There is a balcony for each unit with four chairs and a table, great view. The units have a stacked washer and dryer. The furniture is starting to show it's age but the units are well maintained and clean. They have a security guard on duty 24 hours. Each unit has one assigned parking space, if you have more than one car, you have too park it across the street in a public garage.
The timeshare is in a great location. I stayed in a penthouse unit and it is exactly the same as any other unit in the building, it's just on the top floor. The Four Sails which is further north on the Boardwalk has all one bedrooms with two bedroom penthouses on the top floor, which are huge.
Mike