I think it depends on if you plan on using the eligible timeshares or the Waikoloa hotel. We purchased the plan and had the option of two weeks timesharing or a 1 week stay at the Waikoloa hotel. The program only offered 5 days at the Waikoloa for the $1,500, but we had them modify the contract to give us the 7 days. What they forgot to tell us was that we had to pay an additional $79 or so to extend it beyond the timeframe allowed.
We made reservations to go off season in May and based on the rack rate at that time, would have broken even...so for us, no cost savings and, as it turned out, could have cost us dearly...
I dislocated my kneecap putting the luggage into the car the night before our flight to Hawaii. Needless to say, we had to cancel the trip. Hilton made and exception and allowed us to extend the timeframe for travel for another 4 months with my doctor's note and ~$69

. We rescheduled for July and at the rack rates in effect for that time, saved about $500 or so.
At the time we purchased, only the Waikiki timeshares were eligible; the Waikoloa timeshare was not.
Unless they offer different types of VIP packages, based on my experience, I would only purchase again if I were timesharing or staying at the Waikoloa hotel during peak season.
Edit to add info: Our main reason for purchasing the VIP package was the (supposed) ability to explore RCI membership and what it had to offer. Owning 4 Marriotts, I'm quite familiar with timesharing and had a lot of questions about RCI that the salesperson could not answer. What she did not tell us was that there is no such thing as "RCI membership" with Hilton. What we learned after we purchased the VIP package and couldn't figure out how to access RCI, was that the Hilton RCI membership was not a true RCI membership.
Ingrid