My wife and I purchased a timeshare from Fairfield (now Wyndham) back in 2005 for $17000 for 210000 points issued bi-annual. Now, we have had several wonderful vacations, but looking back at the cost, we see that we really stepped into this one without looking. Here we are in 2008, our "investment" is literally worthless as you can pick up like timeshares on E-bay for as little as $1 plus $500 filing fees! We in fact have purchased two other timeshare programs, one 84000 point in Nashville for $1, and another 77000 point in Pigeon Forge TN for $102.
If you go through the presentation, please make sure to JUST SAY NO! Explain that with the economy the way it is, you just are not in a position to purchase at this time. DON'T let them intimidate you, try to beat you down, bring in multiple salesman. Explain that you accepted their fair offer of tickets... nights at their resort for a low amount... etc... for the exchange of your valuble time, and that if they don't watch out, when it comes time for you to finally be in a position to purchase a timeshare, you will definately remember whatever the outcome of today's experience is.
AND, if you really like the idea of purchasing a point system, go to the secondary resale market. Don't worry about not getting VIP status for your purchase, as it is definately not worth the extra THOUSANDS of dollars you would end up paying.
Best of luck, and happy vacationing!