Developer points are points owned by the developer that they will let you use. You get one year from the date of purchase to use them and you can only book 7mo in advance.
Currently DVC is running a promotion where you can get a one-time gift/grant/allocation of 160 Developer's Points if you buy a new DVC ownership interest of 225 points or more.
You'll pay about $94-96 x at least 225 points, and then receive the 225 points every year until the contract ends. The 160 Developer's Points are just a one-time bonus. White_Sox_Fan gave you the scoop on the limitations on the DPs.
Oh, and in order to get the Developer's Points you need to have a referral from an existing DVC member.
As tjkraz mentioned, you have to mention that you were referred by another DVC member in order to get the 160 bonus developer points. We just got this deal Saturday and our guide told us that he is not even allowed to mention the bonus points until somebody says that they know another DVC member.
Developer points are points owned by the developer that they will let you use. You get one year from the date of purchase to use them and you can only book 7mo in advance.
A quick clarification here: We bought DVC on the Magic in October 2007. We used our developer's points (and banked our 2007 points) to book the 9/1/08 cruise. I think the 7-month limit only refers to the DVC properties, e.g. BWV, BCV, AKV, etc.
I'm a new owner and here's something I learned about using developer points:
When you call MS, tell them you want to use your developer points at the very beginning of the conversation.