I'm a DVC member and used my points to stay at Aulani for 9 days in June. I loved the resort and there are lots of things to do. I spent the first 4 days doing my own excursions by renting a car from Aulani. The last couple of days, I participated in the activities that the resort had(free tours, hula dancing, etc.). They have lots of activities for teens, families, adults, etc. and everything is listed in the daily 'Iwa(similar to the cruise navigators). I'm already planning my return trip!
Aulani is at Ko Olina Marina, which is about 30-45 minutes from Waikiki(depending on traffic). This is a timeshare resort area(there are 2-3 other timeshare properties there) and you have a private lagoon for swimming, kayaking, etc. As for the prices, they really aren't that more expensive than what you would pay at WDW for the same level of accomodation.