A WORD OF CAUTION ...
It appears that Aulani 7-month availability is rapidly becoming a dicey proposition for Summer 2012.
Monday afternoon, I called in mid-day to check availability at the resort at the 7-month window (a day earlier than my actual reservation window). The rep told me that there was zero 2-bedroom availability for June 21st, but that there was plenty of availability for all room types & sizes from June 22nd onward. (I had her check every category; a few types were low, but all were available.)
I called in right at 9am on Tuesday morning -- Entire resort (all room types, all room sizes) sold out for June 22nd. Once again, plenty of availability for June 23rd onward. I was forced to use the waitlist for my entire stay (since only June 22 was in my 7-month reservation window).
I called in right at 9am again this morning. Low and behold, my waitlist literally matched while I was on the phone with the agent looking for June 23rd availability.
While I have a "happy ending," it is pretty clear to me that there are lots of members right now who are "walking" their Aulani reservations for upcoming summer stays. (My experience matches perfectly with this theory.) If you are planning on going to Aulani this summer, I advise you to play the "walking" game, because it looks like lots of other members are doing the same thing. If you don't you will be at a definite disadvantage in trying to secure your reservation. (Disney really needs to do something about this loophole in the reservation process!)