We have been 3 times (never on points) and have stayed at the Holiday Inn and what is now the Allegro (used to be a Radisson and before that it was the Golden Tulip).
From our area, you can usally find specials for booking a couple of months out in the $699 to $999 range per person for the first two adults with lower prices for the kids, depending on the hotel. If the airfare alone is $600 to $800, I would just rather book one of these package deals and save the points. My husband really wants to do an exchange there, but we would be bringing our 2 daughters and I can't see spending $2,400 to $3,200 just on the airfare.
If you go - the Jeep tours are great as another poster mentioned. You get filthy, rotten dirty so be prepared but touring the island that way is great.
We have done various excursions like sunset cruises, snorkeling trips (once snorkled at a shipwreck just off the coast), dinner shows, etc.
We haven't been since 1996, but when we where there it was very safe and you didn't have to worry about the locals harrassing you to buy stuff which I have found is prevelant on other islands. We love it there and I would highly recommend it.