Vip eligible points are those purchased directly from Wyndham, or acquired from a family member, or through operation of a will or through the PIC program. Resale points or points from converted weeks bought resale dont count toward eligibility (although they do get benefits if you are already a VIP)
There are stories of some who have gotten there with the help of a cooperative Wyndham salesman
The financial benefits are: upgrades, 50% discount for last minute reservations, 15 guest certificates per million points, unlimited housekeeping and transaction fees
I dont want to underestimate the benefits of a VIP ownership , but the consensus here is that it costs too much to make it worthwhile. The purchase price (over one hundred thousand dollars) ts too large a hurdle to overcome with the discounts...Pay back takes way too long, if you can get there at all...It usually makes more sense to just buy more resale points
Of course if you have the opportunity to marry into a VIP ownership, of buy points from a guy on his death bed, go for it