Do they have free stuff for owners? At Sandestin, owners get lots of free stuff and when you are at the beach using the chairs, they look at you wristband to use them. We were there and the guy was walking around looking at wristbands then booted people who didn't.
Not all locations have bracelets. It's usually the ones in a "sunny" location like Zihuatanejo, Palm Desert, Sandestin...I'd be curious to know if Panorama offers them. I suspect not.
Every Embarc has a lounge but they're not places where you get food/drinks although usually there is flavored water, sometimes coffee/tea. It's more a place to get together with other members and sit in front of the fire (at the ski resorts) or on the patio and chat. Some member events are usually held weekly with refreshments/snacks to allow members to meet the staff and other members. Most locations also have a small cinema room that one can reserve to watch a movie of one's choice from their library. Some also have a game room (for the kids) with pinball machines and other games. I'm not a member elsewhere so don't know if this is standard but it is at Embarc. Our locations are all smaller, with Whistler being the biggest (117 units). Members often know each other and like to socialize in the lounges.
I've never been to Sandestin but that's the general vibe at all the clubs. Zihuatanejo in particular, where everyone gets together for happy hour at the adult pool. This little diagram shows the respective sizes and overall number of members (with slight fluctuations from year to year).
Points have been multiplied by 50 since that graphic was made. Number of members and % of points owned by members vs Hilton is still basically the same (varies by 1% or so different years)