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I have been a RED Studio Clubber since 2004 and like ebhuto, this was more or less my experience with their marketing strategy, with the difference that we actually took the bait :), hook line and sinker. To be fair we have had two very good holidays during the blue season, one in Munnar (2004) and One in Ashtamudi (2009), both in kerala). And one exchange holiday in Cyprus ( RCI) in 2008.
Munnar is a superb facility while ashtamudi lake was quite nice too but the floating cottages were still being built then. the RCI exchange holiday was at the Paradise Kings resort in Paphos, Cyprus which was also a superb facility. All in all our experience has been good hitherto but my concern is the ever increasing maintenance charges which seem to go up by a Rs 1000/- every year. You may end up paying a lot of money at the end of 25 years and there seems to be no way to get our of the membership other than sell it to another party. Dont think you can get a refund. We are not in a position to take a holiday every year and looks like we are just paying maintenance charges for nothing.