As is always the case, the beauty of any system is in the eye of the beholder. Club Navigo is Island One's internal point system that includes their resorts in Central Florida (Liki Tiki, Parkway International, Bryan's Spanish Cove and Orbit One), their two resorts in the Daytona Beach Area (The Cove in Ormond Beach and Grand Seas Resort), and about 15 other resorts in Utah, Florida, Mexico, the US Virgin Islands and the Dominican Republic. The cost for the Club Navigo membership is around US$150-$160 which includes II membership (I think) and no additional cost trades within the Club Navigo system. If you did not purchase a week that was already in Club Navigo, they have an additional cost to convert to Club Navigo. If you have to convert, then one might be a different feeling for the system, depending on how you see the cost vs what you are receiving.
We have a EYO-odd week at the Cove in Ormond Beach which includes a Club Navigo membership. We own a two bedroom in what they call their Emerald Time (the second highest of their time frames). This gives me 4000 of their points every other year. For my 2005 week, we am getting a spring break week (4/8 - 4/15) in a one bedroom at the Cove and two weeks at an all-inclusive (I did have to pay about US$36.50 pppd for the food, etc) in the Dominican Republic. I even had a few points (40 to be exact) left over. I think that I did pretty good with that week.
When using the Navigo system, I did not have to bank and then wait until something that I wanted became available, I just called up Club Navigo and made the reservation for the Cove on the spot. I did have to wait until the following day to get the confirmation on the DR, but they called me back with the information, I did not have to call them and wait on line for an VC.
I also belong to II and RCI. In December 2003, I saw that I was not going to use my 2003 points, so I had my a week deposited into II by Club Navigo and used it later. They deposited a 2004 week that we used in 2005 for a trade to Puerto Vallarta.
As I said "Beauty is in the Eye of the Beholder." We are pretty happy with Club Navigo, but not everyone will be.
If you are purchasing in on the resale market to one of the Island One resorts, be sure you are in Club Navigo, I would not want to pay an additional $3000 (or whatever they are charging now) to convert.