There are now 5 DVC sites at WDW....Old Key West, Boardwalk Villas, Villas at Wilderness Lodge, Beach Club Villas and the new Saratoga Springs Resort. So you can get a lot of variety with DVC and still get the great benefits of these resorts. Also, you can use your points at other resorts on property (except the "parent" resorts of the DVC units) so there is even more flexibility. However, it is important to note that the points needed for the regular WDW resorts is not a very cost efficient way to use them since it is really an internal trade between two business units of Disney.
If you buy into the Disney Vacation Club can you stay anywhere you want or just at certain places? I'm not sure how the club works, but we want to start going more and this may be a good idea for us. thanks.
You are basically correct. You pay for your points one time...currently about $95 a point, and you get to use them for a set number of years. Then you pay maintenance fees on them each year, about $4 a point.
I'm not positive on the details, but my ex and I had looked into it a little a few years ago. I believe it is some kind of point system. Your membership gets you so many points each year that can be used for your stays. I'm almost positive that you can in fact use them at any resort you want, and that it just costs a different number of points depending on where you choose to use them.
Of course I could also be completely wrong, but that is the jist of what I remember.