My DH and I went the last week of January 2010. The place was DESERTED! We were in the main lodge, and walked over to the pool, then to the end of the dock, and back to our room. Never saw another person, it was a bit eerie. Also LOTS of things were closed. The day we went over to the beach house, we, again, never saw another person. The snack bar was closed for the season, so the only place to eat "on site" was at the main pool. The main pool closed for rehab our second day there.
Shelter Cove had exactly ONE restaurant and ONE shop open, everything else was closed until February. We went to try Giuseppe's Pizza one day - closed for the month of January.
They do ALOT of maintenance of the resort during January, since it's so empty (CMs told me this). Power washing, tree trimming, etc. So my "quiet time" on the balcony was pretty noisy with the sound of power tools.
This didn't ruin our vacation, just wasn't what I expected. The cheap points cost was great, but next time we will go in the fall when things are open.