To exchange, you'll first need to deposit points to RCI. There is a minimum number to deposit (10k?) and it will cost you a reservation transaction or fee if you've already used all RTs. Keep in mind that it takes a day or 2 for the points to be transferred over. Points are automatically 'combined', no fee necessary... but there is a fee to extend points beyond the original 2 yr expiration date.
If you've purchased any contracts directly from Wyndham you will be able to book similar to RCI Points, meaning you can book 1-6 night, 7 night, or 7+ night reservations. If you've only bought resale you can book only 7 night reservations (like RCI Weeks). Full week reservations can be placed on hold so if you don't have enough points deposited, you can hold the week until you get points transferred over.
Other than that, I think the rules are the same as regular RCI accounts.
WARNING: All this is off the top of my head, which means there may be more. The "top of my head" doesn't always have complete info like it did years ago. Fortunately, the TUG community is a helpful bunch, so if I've missed something, others will likely chime in.
Also... if you are VIP there are (or were) a few other perks, none of which I can recall at the moment.