I was able to get a VB 2BR 7 months out for the first week of June in 2002. I wanted 6 nights and waited until I should have been able to make reservations for all 6. At that point, only the first 2 nights were available, so I booked those and made cash reservations for the rest. I also put myself on the wait list for the other 4 nights. In Jan., the wait list came through and I received an automatic confirmation that I was able to get the other nights on points. I did leave the one weekend night (a Friday) on cash due to the large number of points required. Rack rate for that night is $360, and I'm guessing that's what I'll be paying. I've checked into discount rates for that night and haven't been able to get any yet. Also, I suspect even if there was a discount available, there'd be a 3 night minimum, so it probably wouldn't work. Still saves me a lot of points to pay cash for that one night though.
Also, just to cover myself, I had previously made BWV reservations (our home resort) for the entire period, and then I switched the points from BWV to VB as it became available.