Only my opinion, but I've lived this experience.
The first issue with respect to buying into the Vacations Club points system should be whether you are able to book the reservations you want. The points program is sold as a "get what you want, where you want it, and at any time" system. This is simply not true. So, make sure you are comfortable with this before you get too far. Also, keep in mind that the success of the program relies heavily on deposits of owned weeks for points by week owners. One way to test availability is to have the sales guy open the computer and show you bookable points reservations you want in the months ahead.
I know you you these but for others benefit that might not, I think that's true with any timeshare option whether it be points, exchanging or a floating weeks system. The only option that totally guarantees availability is a fixed week system, usually those are fixed units as well and for most, far more expensive. For me I feel that the first question is whether I can afford it, to me that's pay cash and be comfortable with the yearly fees. Then the next question is whether timeshares in generally will be a good choice. These include questions like where do I want to go? What unit size do I need? How flexible am I? Will I go there routinely? Can I plan ahead sufficiently, usually 12-13 months out? What length of reservation will I normally need? Then comes the questions of the likelihood and ease of getting reservations I want/need with each option and a financial analysis of the various options.
The second issue is the expense of the points alternative in relation to other options such as buying resales for use, trading through Interval, or renting.
I agree. I do think far too many people try to look at the "perfect" option and overlook options that would be a better balance in the long run considering cost, such as exchanging. IMO one should have some direct experience with timeshares and a given system before taking the plunge. Even then I would tend to prefer the low cost, low risk option that may not work perfectly, usually a good exchanging unit when looking at MVC. It's much easier to undo a $2000 trading purchase than a $50K points option. OTOH, some people try to do something on the cheap that's not very likely to be successful in their situation to avoid paying more for a better option that will be more expensive up front.
It's interesting as I read this forum to note the frequency of serious and seasoned timeshare participants who seem to use means other than points for their timeshare experiences. Many of us seem to own points primarily to enhance our experience with our legacy "owned week base" program.
As I've said several times, I use them all to complement each other (own, exchange, points and also other timeshare systems). But that requires a certain volume and $$$ commitment that isn't reasonable initially for most people starting out. Still, I do think it best to plan 5, 7 even 10 years out rather than looking at the next couple of years only.