We did the Columbus Day weekend (four nights) at the Sagamore in October of 2003 on points, in a lakeview one bedroom suite in a Lodge building. The suite was similar in general size and layout to a
DVC one bedroom villa (no hot tub, but included a fireplace). Had a nice view of the water and was very quiet.
The visit was well worth the investment in points. The Sagamore is an absolutely gorgeous property (the spectacular views of the Catskills rival ANY view from ANY Disney resort) and the fall foilage background made it even nicer.
Resort was at best 1/3 full while we were there, which made things more relaxed and intimate (indoor pool not crowded, nor was complimentary carriage ride around grounds). Summer here is
much more costly in points and the resort is booked full then.
I wouldn't call the place hoity-toity. Clientele when we were there was clearly upscale, but their attire leaned more towards L. L. Bean than Talbots.
Note that in October, Lake George is closing out the tourist season. Most of the major attractions and restaurants in the village are still open, but secondary attractions were closed. This isn't the time to come here if you want outdoor watersports, but if doing caves, brunch and shopping is your style, you'll love it.
Downsides? Depending where you are coming from, getting to Bolton Landing (the small village north of Lake George proper where the Sagamore is located) is a hike (we drove from White Plains, NY, which took almost 4 hours). On-site restaurants are very nice but a wee bit pricey.