My "no cost" comment refers solely to the exchange process, we can exchange a week at our home base for a week somewhere else (this is in the Hilton chain, so the options are pretty large). The major downside of course is maintenance fees, and upfront costs. Overall, I'd likely be better off on my own with VRBO or whatever, but at the time, such things didn't exist, it was either a hotel or ... not much else. I was looking at two rooms for my family as they got older.
Our "home week" is in Hawaii, but that is largely irrelevant. I've used the weeks in California, Colorado, Italy (someday I hope), Portugal (this slot if usually booked), france, Florida of course ...
I even booked in DC once with my daughter. If I want an exchange with RCI I get fees, but I rarely do that. RCI properties often are not quite as nice.