Hello:
I toured a Bay Club 2 bedroom unit. It was HUGE! It was not as high end as the HGVC Waikoloa but still very nice. I asked the assistant manager if this unit was representative of a usual two bedroom and he indicated it was.
Correct, there is not an ocean view, but still a nice view of tropical greens if they put you facing the Waikoloa Drive side of the resort. Our HGVC unit (Building 17) faced Waikoloa Villas and it was very pretty.
I also attended an owner's update at the Bay Club before my tour. They are making numerous improvements to the resort, including a "top to bottom" renovation in 2009-2010 (this is 1-2 years earlier than expected). The ponds are being redone soon (the ponds were kind of green). In addition, Hilton is taking over management of the restauarant. There is also talk about having snorkel rentals, umbrellas, etc. for rent or possibly just amassing some common items for loan.
After the renovation, I would probably prefer to stay there instead of HGVC Waikoloa because of the unit size. The assistant manager that gave me the tour also indicated that Hilton is working on negotiations to acquire more of the Bay Club inventory, including the "open season" inventory that would allow more reservations at Bay Club for HGVC owners.
Sorry, in all the hoopla, I forgot to take my camera to take pics of the units. It is tropical motif and the walls are painted moss green, tropical red, etc. - very pretty!