I received this offer too. I just went in my trash folder to read the light gray fine print. I can only say, I am still recovering from my eyes being glazed over. I didn't see any reference to a time share pitch. My alarm went off with the "other terms and conditions may apply" though. I am so fed up with this. The previous program was great, and actually offered a free 3 day cruise for 10,000 points. When they converted the points to Seamiles it changed.
I have over 15,000 points, and have yet to find a way to use them. You have to book through their "cruise consultants" for only the offers they present. The past guest rates are always better than their rates with using the miles!
As soon as I have my account paid off, I am done with it. Sorry for the rant.