The Americana is a perfectly fine timeshare, and the location is just plain perfect in my favorite place to vacation: Lake Tahoe!
The lack of full kitchen was the primary issue, and the rooms (with the step down to the bathroom) are only adequate. Nevertheless, the pool/spa is great, they have loaner bikes and golf clubs, and they do some "extra" things to make it fun and less expensive (free taco night was a highlight, given the fact that we couldn't really cook due to the kitchen issue).
The staff is friendly and helpful, and it seems like a great place for kids, so I would definitely recommend it for families. Being walking distance to the casinos was a plus, and free access to the beach was a HUGE bonus for a non-beachside resort to provide. Overall, a positive experience, but hardly a five star place.