i rented in nov 2006 and had a great experience. i had tried renting earlier in the year but had no luck (kind of a busy season for DVC during the holidays) but something opened up in october and i grabbed it. the member had a decent posting history on the DIS and had rented before (when i got his information, i also googled him and did a little research that way), so i had a good basis for trust when i paypalled the money.
i had read enough on the boards to understand that i was "on the hook" for payment and there was no backing out if something happened and i had to change plans, so i think he was comfortable that i understood the transaction. i had a great time at SSR and had a chance to take the boat over to OKW and check out my future "home" while i was there (my resale contract finally closed in dec 2006.)
but even though i trusted the member i rented from, it kinda made me nervous not having control over the reservation. renting can work out great (and it does require less of a financial commitment upfront) but i definitely preferred the process when i reserved OKW for dec 2007 as an owner...