As others have said, former DVC President Jim Lewis was working on a perk program of this nature. Although exact details were never revealed, one interesting aspect allowed owners to participate via their own point holdings AND purchases they referred. So even if the threshold was set as some high level like 1000 points, members who would never dream of buying so many could still achieve VIP status by referring other buyers to DVC.
DVC even asked owners for feedback on naming this "VIP" club:
http://dvcnews.com/index.php/dvc-pr...718-dvc-surveys-members-on-potential-new-club
The program would have to be funded by Disney Vacation Development--not from member dues. Probably with funds diverted from the current cash referral program (in which many owners cannot even participate due to local laws.)
As for the success / value of the program, file that under "the devil is in the details." The better the perks, the more successful it would be. But also the more potential it has to offend non-participating members.
The key would be not taking anything away from the whole, or otherwise disenfranchising one group in favor of another. For instance, I could not see them giving "VIP" members favorable room booking perks.
I personally envisioned things like a preferential line at check-in or a free additional room cleaning during their stay. In the pre-MagicBand days, some of those immediate use FastPass vouchers seemed like a no-brainer.
Are these perks enough to sway some members to buy additional points? Yes, probably. If you're at 450 and additional perks kick-in at 500, I suspect it would definitely be worth consideration. Not every member in that situation would buy the extra 50 points but some would.
Is this enough of a turn-off to convince people NOT to buy into DVC? Doubtful. There are varying levels of VIP treatment already in place throughout the Disney resorts and theme parks. I cannot imagine someone thinking "DVC sounds like a good fit for my family but I'm not buying on philosophical grounds because those 200 points aren't enough to get me the extra FastPasses."
Honestly I'll be more surprised if this concept is NOT revived someday. DVC cannot be getting much mileage from its current referral program. There are too many owners excluded and the rewards are not sufficient to motivate owners to really campaign for new buyers.
Offer some real, tangible perks from which "VIP" members could benefit for years to come. Assuming participating is based upon direct purchases only and I think that would alter some purchase / add-on philosophies as well.