I wanted to post an update to follow-up on our experience with this trip. High level summary: it was great!
The good:
The deal we got on accommodations and Legoland tickets was well worth the price. Between the price of the complimentary Legoland tickets and the free night at a Hilton property worth up to $200, the price they asked for the stay was well worth it.
The rooms were very nice - one bedroom suites. We had asked for a two bedroom suite and ended up with two connected rooms, each a one bedroom suite. It is important to note that the Hilton Grand Vacations properties are essentially time share condos. So, these were more like small apartments than hotel rooms. One room had a full kitchen with a kitchen table.
The property borders the back side of Legoland and there is a dedicated entrance to Legoland from the property, so you can walk from your room right into Legoland.
The bad (more minor inconveniences than anything):
We arrived late in the evening (9pm) and the checkin process was a bit awkward because the office is not staffed 'round the clock like a hotel would be. We basically had to pick up our keys in an envelope from the mail slot. It was not really clear where to go and I walked around for 10 minutes before I figured out what to do.
Also, the patios of our rooms looked out upon a view which was basically a large dump site behind a business that sits adjacent to the property. It was not actually garbage but a large pile of industrial materials, but it looked like trash.
The sales presentation was two hours and was very professionally done. It was not really a high pressure pitch. I was actually very surprised at the value the program offers, and it basically sells itself if you are the right audience, meaning regular vacationers (annually at a minimum if not more frequently) who prefer upscale, known quantity accommodations. We were actually very tempted but did not end up purchasing in the end. They do have on site child care during the sales presentation and it was not bad.