When I use my DVC points, I am using cash so it's really no different for me. It's basically how many points or how many dollars. Since there are many times specials using cash, one can't compare to rack rates for most visits. I think II is a special deal and that's why I chose not to discuss it as the thinking is somewhat different for that choice. If one gives up a HH studio for adventure for a comparable unit at a comparable resort, that can be an ok to a good deal. If one gives up 296 points for a unit they could have rented for $1000 or could have gotten for a trade using a unit that only cost $3000 total, that's NOT a good deal.
Some have said they bought DVC to use and that was their vacation plan and essentially they didn't care what the value was beyond that. That is their choice just like when one buys the Lexus LS 430 or Mercedes E320 at $50,000. Others have have said they didn't want to learn about other timeshares, that's fine but I sure wouldn't accept an exchange without at least learning about that timeshare.
Even for II, only a portion (maybe 40-50) of the available resorts are truly comparable to DVC. Most resorts in the DVC-II exchange program would still be a trade down for DVC owners. That's why one needs information when accepting an exchange. Of course direct exchanges have a way of evening out because one can negotiate to give up a 5 or 6 day DVC exchange and/or give up a smaller unit than received or any one of a number of combinations.
Again, none of my comments should be construed as telling somewhat what THEY should do with their points. I am simply stating what I feel is the reasonableness of certain options and hopefully prompting anyone considering buying DVC or using their points to THINK about what the situation is and not make certain fatal assumptions without actually getting the facts.