Not all presidential suites have a fireworks view. As far as the cancellation possibility? There are fewer 3 bedroom presidential suites (which are all located in Tower 6) than there are regular 2 bedroom deluxe suites & 1 bedroom deluxe suites (which are located throughout the property). It's hard to quantify cancellation risk. You're probably ok, but I still think it's a good idea to have a backup plan if you are staying in Wyndham on another owner's points through a rental. They can and have cancelled those in the past. It may be even more risky given that you are going during an Owner Priority period (Christmas). You're still *probably* going to be fine, so I don't want to alarm you, but yeah, I'd always have a backup.
I continue to think that renting points to stay at a Wyndham property right now is a bad idea, unless you are using Wyndham's Official Rental Arm (extraholidays). Even that isn't guaranteed due to overbooking, as was reported earlier in this thread, but at least you're not going to get cancelled because the owner renting to you was dinged by Wyndham for "commercial renting."
There have been very, very few of these cancelations reported here or on the Timeshare Users Group forum.
When you consider the volume of rentals at WBC, they make up a tiny, tiny percentage.
Most of them were reported a couple of years ago when Wyndham created blackout dates for some resorts, like WBC. A lack of understanding of the rules and confusion hit a few people, but there were no widespread cancelations reported.
As for someone getting an Extra Holidays reservation canceled, that also is unusual. I don't recall seeing a previous report about that. Overbooking and walking guests are far more common in the hotel industry than the timeshare industry.
That said, when you travel anywhere "something" can happen. Bad weather, canceled flights, flat tires, overbooking, computer glitches. A pipe could burst and flood some rooms, leading to overbooking. I recall that happened several years ago.
Yesterday a flight from Orlando to the Northeast was diverted to Jacksonville because of a bomb threat by a passenger. That wouldn't be fun.
If you look at Redweek and eBay listings, there are hundreds of people renting stays at WBC on those sites alone. The rental market at WBC continues to be huge.