Hi I'm on Tee 17 and apparently this seems to be on schedule ie completion in June 09.
In terms of rental scheme the guaranteed scheme works as a percentage of your purchase price ie if you bought for 300,000 then rental income is 15,000 pa. This sounds OK but there are drawbacks. Essentially Peninsula sell your "unit" to a third party like a tour operator so its pretty much out of your hands. As a result no personal use or ability to gain extra income through owner generated bookings. You are also tied in to a minimum contract (at least 2 years). The furnishing also has to be of a certain standard and purchased through Peninsula at a cost of about 15,000 euros (in most cases this will wipe out the first years rental income) and I'm unsure as to how often you will need to replace the furnishings - every 4 years may seem reasonable with heavy use. You are also expected to pay management fees upfront (1,100 euros) and will have to wait at least 6 months for your first income. I'm not sure as to who pays additional costs such as utilities and community fees.
The variable system is not much better. The targets that I have recently been given for occupation were well below the estimated figures I was given at purchase (surprise, surprise) as were the rental prices. Essentially I've been informed that the target is 30 weeks at 700-750 euros for a 2 bed penthouse. This may seem better than the guaranteed scheme but Peninisula will take 30% of this in charges. They will also charge you the same rate ie about 230 euros per week for personal use and any owner-generated bookings. Up-front management charges and the purchase of furnishings still apply as above (although furnishing is slightly cheaper).
Please note that for the properties to be rentable the other facilities etc have to be completed and other building works need to be non-obstrusive.
Hope this helps - it took me ages to find this and other bits and pieces of info out - Russ