When all the rooms in the Lodge have been converted, there will be about 140 units, give or take. Whether all of those are available to members on Day One (approx 9/1/07) remains to be seen.
Smaller resort means fewer owners, but it will certainly be difficult for non-owners to book in the early months or years given that you'll have 100,000+ non-owners competing for a fairly small block of rooms at the newest resort.