Dean is an excellent source of information about timeshare trading. I agree that DVC is best for people who want to stay at DVC resorts.
However, it is possible to get excellent value from Interval International exchanges -- but it takes some advance planning, homework, and luck.
You handle II exchanges through DVC Member Services. II transactions are always full seven-night weeks (unlike Concierge Collection or Disney Collection transactions). If you pick the right timeshare resorts, you can get a week that really is comparable to a week at at DVC -- or better!
One of the DVC members on this board, Anita Williams, posted that she got a May
week in a studio at the Four Seasons Resort Club Aviara in Carlsbad, California, for 55 points. That's a great value. The Resort Club shares facilities with the Four Seasons Resort Aviara, where rooms start at around $400 per night in the off season. (May is off season in Southern California.) Just 55 points for a whole week, not per night!
On the other hand, I'm sure there are cases where DVC member have given up hundreds of points for a 2-bedroom timeshare condo that don't begin to offer the quality or location that DVC members are accustomed to from stays at DVC resorts.
The points needed for Concierge Collection (deluxe non-Disney hotels) or Disney Collection (Disney hotels in Florida, California, and France) seem too high to me. But there are plenty of people on this board who have been very happy with the opportunity to use DVC points to spend a few days a hotels such as the Plaza in New York or the Broadmoor in Colorado Springs.
Finally, you can book the
Disney Cruise Line with DVC points through the Disney Collection. That's what we're doing! This will be our first use of points outside a DVC resort. We're spending fewer than 600 points for a 7-night cruise that would otherwise cost more than $6000 (cash price with the early booking discount). Our only cash cost is the money we're spending anyway for annual DVC dues, the $75 transaction fee, and the tips on the ship (plus optional cash expenses such as wine and excursions).