Also just finished a 5 night stay here over New Year's. Booked a regular room and tried to use SNA's but no luck, no room upgrade at all either (I'm Plat). However, the 1st floor garden view room in Bldg 1 was actually quite good - could walk right out the Lanai through the grass and to the pool. The resort is a bit of a maze of breezeways and elevators, especially getting from Bldg 1 to the Club Lounge (only a 7 minute walk but a bit of a maze), so being on the first floor is actually nice. I had a rental car so being close to the parking was also good.
We loved the resort. Club Lounge breakfast was plentiful, but average food (eggs, meat choice, bread/pastries, juice/coffee, fruit), but spectacular setting/view. The pool area is great - not as cold as previous guests said but cooler than the ocean. Beach is fantastic and snorkeling at Black Rock is amazing, for a newbie at least (if you're going to rent snorkeling gear go to The Snorkel Shop just up the hill behind the hotel - $10/day or $27/week - much cheaper than the beach - of course you could also buy at Costco).
Yes it's a lot of points but I was very happy with the stay here. Lahaina is a great little town with lots of restaurants and the hotel has a free shuttle every hour. Went to Lahaina for New Year's Eve and even (quickly) met Mick Fleetwood just outside his restaurant!