They can be booked on cash, if there is availability, but if they handle VGC like they do all the DVC at WDW, the rates and availability won't be released until January 2011. I don't wish to dash your dreams, but there are so few villas there in California, I would not hold out a lot of hope in getting one on cash. You can always book something else, try for the villas, and if it works out, then you could cancel your original reservations.
I am an owner, and I had a waitlist for one in January and again in May, and neither ever came thru. I am also on a waitlist for a one-bedroom for one night this coming October, and when I called about it, I was told there is only a Grand Villa available. They will do a waitlist for owners booking on their points, but there is no waitlist for those booking on cash.
They are lovely, and I can't blame you for want to stay there.