In what is probably very rare circumstances, you can buy a sold out resort through DVC. We are in the process of doing this. We are 1st time buyers and are buying 150 BWV points direct for $89 point. The minus side of this, is that we are probably paying more than we would through resale. The plus side is that
1) we don't have to go through ROFR
2) We did not get a stripped contract
3) Current year dues prorated on calendar year(so we got all 2004 points, but will only pay dues from date of closing through 12/31)
4) If we need to finance, my understanding is that it's relatively painess.
5) I got my membership card shortly after putting down the deposit in late August. I have already booked our November stay and Feb stay (and November had to be waitlisted originally)
So the quick answer is that you are entitled to the same benefits. But the long answer 1) decide where you want to own, 2) decide how soon you want to own, and then take it from there. While DVC may initially tell you that sold out resorts aren't available, it never hurts to keep calling if you haven't lined anything else up.