Thanks for the reply. So am I right to assume that if I have a 2BR VGF waitlisted for a particular time frame, there is absolutely no way anyone would be able to snag this from me if it became available and I was first on the waitlist queue?
It's not that simple.
For example, let's say you have a 4 night waitlist for that 2B VGF villa. If there is a cancellation for 3 of those nights, the system would try to make a match. It would skip over you because you need 4 nights. It does not "hold" nights for you on the chance the 4th night will become available. The waitlist system just tries to get the rooms filled. It will look in order that the waitlists were initiated and will use 1 or 2 of the nights to fill a waitlist request if those requests are ahead of a 3 night request. If there are no waitlists that want those nights, the unmatched nights just go back into the general inventory. Once there, anyone can book them.
My understanding is that the waitlist is a "batch program" that runs several times a day. (I believe it can also be initiated manually and is run more frequently during high demand periods). In between runs, cancellations just go back into inventory. If one is lucky enough to look during the "in-between" times, it is possible to book something that would otherwise go to a waitlist.
This is why some recommend "stalking" (which means checking frequently on your own rather than relying completely on a waitlist). It is also why shorter waitlists seem to work more frequently than the longer ones.
When the system finds a "match", it takes the night(s) out of the general inventory & puts the info into a file. A CM must complete the process. Generally, CMs work the match file when the phones are not busy and they work them in the order of arrival. So that is why when people call in to "miraculously" find that their waitlist worked, what really happened is that system matched their request and it is sitting in the file. Since they called, the CM finishes the process while they are on the phone.
When a waitlist goes into the match file, the waitlist disappears from the dashboard (on the Members' Website). When the process is finished, it also disappears from the Vacation Center.
From anecdotal evidence, I believe that the waitlist works about as often as stalking. But stalking is under an individual's control , so many do it in addition to their waitlists.
What those who are willing to take more of a risk generally do is book individual days as they see them available, waitlist the "holes" and hope to eventually "piece together" what they need. This strategy is less stressful for those who have more points. They can book a "back up" reservation and keep it until they have what they really want. If they aren't successful, they just keep the back up.
HTH.