As for how it works....it is a points system. You buy a set amount of points and have those to use. Similar in that respect to DVC. each resort has a points chart for how much each day is in each type of unit during certain seasons. Weekends are more expensive, points wise. If you are a regular (not premier) owner, you can book up to 11 months out. You are deeded at a particular resort. Points not used in one year roll over and you can use them with some restrictions. The trick comes in the planning, realizing how many points things take. You also can get what is called bonus time, where you pay, rather than use points, but at a much reduced rate. For example, a studio unit costs me 49 a night to rent, no matter the day, as long as there is availability. So we usually travel Sun-Thurs if we are going on points, and then if we want weekends, we try to get bonus time. Tricks to that too.
Do not buy from the developer. Difference in price is in the thousands of dollars. You pay maintenance fees based upon the number of points you own. Also there is a club dues, which covers your membership in RCI, which is a timeshare exchange company. This allows you to go to many, many other resorts all over the world. The fees are yearly.
You should figure out what type of vacation you want to take, and that will help you decide how many points you should get. For example, we have 8000 points. For us, we use our bluegreen for one week a year, and then use bonus time. This works well for us. We often have extra points at the end of the year. But, we go Sun-Thurs, and try not to go during peak times. More desireable resorts and times of the year book way in advance, so you have to be able to plan ahead. Being flexible with dates, times and resorts really makes a difference. If there is someplace that you know you want to go to at peak season, plan at the 11 month mark.
I would be happy to answer any other questions you may have. Whatever you decide, get as much info about it beforehand, so you are not disappointed.