I haven't done it yet but am planning on doing so sometime this week. Point exchange is for room only and the amount of points needed depends on the size accomodation and the season you're going (ex. peak season 1 bedroom is 160 points, 2 bedroom is 270 points). For season info, probably easiest to just call MS and ask directly for the specific resort and month you're interested in because there's no chart that I saw. The exchange cost is $95 and they initiate a search, if there's nothing that matches your criteria they put you on a waitlist and once something matches it's automatically booked so no check for "hey, something opened up. Are you still interested?" You can call up to 2 years in advance of your desired check-in date.
I saw 1 resort which was an all-inclusive (food, drinks, tips) but you had to pay to add on the meal plan.
They do have something new now where you can book for less than a week but believe that's to travel within the next 30 (or 60?) days only. You can log in and see what's available without any cost/points reduction.