Post trip report:
Armed forces vacation club is awesome for anyone who qualifies. Our resort was great and we couldn't beat the $475 ($349 plus resort fees) for 7 nights. The island doesn't have much of a night life, but that didn't bother us. Our resort did an all you can eat all you can drink bonfire one night, we went to two different political rallies one night (their elections were this week while we were there and we enjoyed seeing the less tourist side of their culture), and we rented a car and drove all over the island. We happened upon a private beach just a little further than Lucayan National Park and Gold Rock Beach (we stopped here as well). This private beach was simply amazing. Best beach on the island by far.
I'd recommend Freeport if you don't want to party every night and would rather have a more laid back vacation. The rental car was well worth it. Take plenty of sunscreen and take some bug spray so you don't have to buy it there. Do the tourist stuff, but take the time to get out and about away from the "popular" places as well. Paradise Cove was not worth the drive out there, but Gold Rock Beach was. The snorkeling tours (via boat) were better. Also, before booking tours through the resort, walk down to the dock in the Lucayan Marketplace and ask around (not the tour huts, but the boats directly), you can get much better pricing for snorkeling, deep sea fishing, etc. Lastly, gratuity is included at most places, so look for that before you double tip.