I'm new to
DVC (just bought in Jan), so I haven't used points to stay in Europe, but I'm stationed over here (have been for 6 years) and have travelled a lot.
My two cents: do your research on cost. Trading points is fixed (i.e., the points don't go down just because the travel industry takes a dive).
I live in Germany, and you can find FANTASTIC "pensions" (like a Bed&B'fast) for 30-40 euro a night (per person). No, it's not a fancy hotel, but depending on where you want to go, you might enjoy the smaller, closer hotels and pensions. And they come with a great German breakfast.
Also, Germany is not best enjoyed by a one week stay in the same spot. There's too much to see to not hop around a bit.
Use
www.booking.de to find nice accomodations (you can search in English and search only available hotels)
I've also traveled a lot in Italy. It is a place where a nice hotel is sometimes worth the money, so that might be in your interest, but again, there's so much to see in Italy, and it's spread out. I like
www.venere.com to find hotels in places like Venice and Rome, and even smaller, wonderful places like Cinque Terre. Plus, it has hotels all over europe.
Bottom line...my recommendation is to research it before you trade points. You might find a better deal depending on the time of year you go.
Have fun!!
