As a Gold, using 10,000 points (yes 10,000) for a room that was listed at about $200 if I recall, I received:
1. An upgrade to a larger room facing the Red Sea
2. Free breakfast (This may apply to everyone). It's an extensive buffet.
3. 2 tix to the Berenice Beach Club, about 15 minutes away
4. Very friendly and helpful service

A very nice, although short, stay