I generally agree with DCTooTall and CdnGal regarding the value of VIP. There are, however, two benefits that come with it that we have really enjoyed and have been able to take advantage of on a number of occasions. The first is that with VIP you get an automatic 25% discount on reservations made within 60 days of check-in. I will often times make reservations well in advance just to ensure that we have a room. Then, when the 60 day window arrives, I will begin checking availability. If the same size room is available, I will reserve it with the 25% discount, then cancel the earlier reservation. If there are no units available during the 60 day window, then I still have my earlier reservation.
The second VIP benefit that we have enjoyed is the ability to upgrade to the next larger unit within 30 days of check-in, subject to availability, of course. That means that you can get a larger unit for the points applicable to the smaller unit. I have been able to get 2BR units for the price of a 1BR unit many times, and on one occasion, was able to upgrade a 1BR to a 3BR unit. When you couple this with the 25% discount within the 60 day window, these two benefits can really stretch the value of your points.
Having said all that, I'm still not certain that the benefits of VIP come anywhere close to offsetting the much higher cost of buying Wyndham retail rather than from a 3rd party (such as eBay, for example). If you're careful in selecting a property with very low maintenance fees, and buying 3rd party at a small fraction of the cost of buying retail from Wyndham, you can buy enough points such that the discount and upgrade benefits don't really matter to you.
The one thing that can push the VIP benefits across the finish line ahead of the other option is if it makes the wife happy. If the wife is happy, everybody's happy. Trust me on that.