It has not been my experience that Amex has held back HH points. The 150000 points showed up within a few weeks of my meeting the spend requirement on my Ascend upgrade. The normal spend and dining deposits have also been timely.
The HGVC vacation offer is for a time-share. One of the best available, but still a time-share.
The LV and Orlando properties are all good. My personal favorite is Tuscany Village in Orlando. In LV the Elara is in the heart of the Strip and connected to Planet Hollywood and the Miracle-Mile Mall so if its too hot, you don't have to leave the air-conditioning. The Flamingo is much quieter and still in the heart of the Strip.