I have owned a fixed week Wyndham timeshare in Williamsburg, Va since 1985. I've also had an RCI membership that whole time, which allows me to trade my timeshare for other timeshares around the world. I have to say that it has been a blessing for my family. We've taken incredible vacations and stayed at some really amazing resorts for a fraction of what we'd pay if we didn't have the timeshare. Whenever I book something, I do a cost analysis to see if the portion of my maintenance fee used for the trade plus the RCI trade fee is higher or lower that renting on my own would be. So far, it's always been lower - substantially lower in most cases. And we usually get 2 or 3 week long vacations a year out of our one week maintenance fee because I own a lock-off unit.
I know how to maximize my timeshare and make it work for my family! Over the years we've been to all of these places using our timeshare - most of them multiple times: the Outer Banks, NC; Virginia Beach; mountains/lakes in Va and NC; the Poconos; Florida (Bonita Beach, North Miami Beach, Pompano Beach, Orlando); Hilton Head, Edisto Island and Mrytle Beach, SC; gorgeous resorts in Mexico 3 times; skiing in New Hampshire and Lake Tahoe; Sedona, AZ; New Orleans; and I'm planning a family trip to South Africa to tour Kruger Park as I type this.
The key is to research before you buy. Tugbbs is a great resource with lots of very knowledgeable folks who can help you with questions. If you do buy, buy resale (not from a developer or you'll pay waaaay too much). Purchase a resale property with low maintenance fees but high trading power. Properties like that are out there if you know what you are looking for.