I agree -- it sure helps to have a large cadre of loyal clientele!
Nevertheless location will be crucial when building an offsite resort. I assume they've learned that lesson well.
I'm betting they don't build on or near Waikiki --it's already overbuilt. I'd guess either Maui (I've never been), or maybe the big island at Waikoloa (just there last August). Waikoloa is growing very rapidly but I think Disney could still get a reasonably good location.
A Hawaii DVC may be chasing much of the same money as a
Disneyland DVC. Who is buying all the timeshares going up in Hawaii? You don't have to be an expert (I certainly am not!) to know west coast US is a large fraction of it (plus Japanese and wealthy leisure class from eastern US). The distance will make it difficult for many from Eastern US to visit on a frequent basis. I paid $2400 in airfare alone to take our family there last year, and it could have been a lot more. I wouldn't want to commit to doing that every year, and many DVC members will be in the same position.