I've stayed at the Grand Hotel on Mackinac Island in Michigan, and I was a little unimpressed. We felt that it was kind of living off of its reputation. The place just felt beat up. Mackinac Island is a charming place (the island doesn't allow any cars), but at around 70 points per night for a standard room in summer, I'd pass on the Grand Hotel.
The American Club in Kohler Wisconsin was much better, we thought. Especially if you're a golfer. They've got several world class courses (with world class prices to match!). Conde Nast Traveler just named it the top golf resort in the USA. And the summer points are much more reasonable - 43 during the week, and 49 on weekends.