We're fairly new members, and we've only made one trip. We're still extremely pleased with our purchase, and with DVC. We were probably ideal purchasers - we had been going to WDW twice a year, we always stayed in Deluxe resorts, and we went with 3 generations most than of the time, so we would get either two rooms or a suite. I'd read enough here on the boards before I purchased that I knew to buy where I wanted to stay. We bought AKV for the Savannah Views and the chance at Concierge, and we bought BWV for the location.
The changes we've seen in our less than a year as members are the new reservation policy, the shift to RCI, the waitlist policy and the point reallocation. That's a lot of changes in a year!
I like the new reservation policy. I don't want to call every day for a week, just hoping to get the room type I want every day so I won't have to move. And so far, we haven't had trouble getting exactly what we wanted when we've called. I'm sure we won't always, but we're flexible about when we travel and don't mind planning way out.
As far as the shift to RCI goes, I don't feel like I have enough information yet to know if it will be good or bad for us. There were places we would have enjoyed trading out to in II; there are places we would like to trade out to in RCI. But we didn't buy DVC to trade, we bought it to go to WDW every year. I don't know if we'll ever even trade or not, so I'm certainly not going to be upset about the switch.
We're also not too concerned about the new waitlist policy; we haven't waitlisted yet, and I don't think we'll need more than two at a time. The one thing I do think is bad about it is if someone ends up desperate to go at a certain time, one can't just waitlist for "any studio or one bedroom at WDW." I would consider that one request, but under the new system, it would be more like 20 requests...
The point reallocation _is_ annoying. I don't think it is a disaster, but our favorite times and ways to vacation will cost us at least 10 more points a trip. On the other hand, if it makes it easier to get my first choice of dates at my first choice of locations by shifting demand a bit, I won't begrudge them those 10 points at all.
Anyway, I wasn't around for "the good old days", but these days still look pretty good to me. We'd have spent a minimum of $3000 on rooms on the trip we took using our developer points (+ 20 of our regular points), and we've got another trip planned for this year we'd have spent as much or more on. We're so happy with DVC we're considering adding on at BLT or GCV at some point, and we're almost certainly going to buy in Hawaii if it happens.