Stayed for two nights in September 2004. Very nice yet expensive accommodations point wise (48 pts? per night). Very large rooms, small refrig, no microwave. Staff, landscaping and beach were wonderful. Will require a whole day for an auto trip over to Volcano Nat'l Park (opposite side of island). Would recommend a helicopter tour over the volcanoes.
We also did seven nights at the Marriott Ko Olina (Oahu). This exchange for a studio only required 123 points. Since the two nights at the Mauna Lani took 90 something points, I would sell the points and either pay cash or find something a little less expensive.