MVC is sending me monthly emails hawking a different property at a rate that is heavily discounted from the original prices. I get the feeling they are having trouble moving resales these days.

In terms of conversion from MVC to MR points, the problem is that the MR points have steadily depreciated due to the introduction of new (higher) categories and the movement of hotels into higher categories. However the # of points you receive from MVC is fixed in the original contract and doesn't increase to match the category creep. So a decade ago it's conceivable that 100K points might have bought a week in New York City, but now more like 2 nights. For this reason the point conversion is almost always a bad deal as others have noted above.

In terms of resale my parents bought a resale unit from a broker and have not experienced any problems exchanging into other MVC properties via II including Orlando and Hawaii, though the latter is always a challenge.