We are considering taking a quick trip this weekend and using points for a hotel. The pdf file for the hotel we want shows this weekend yellow available, but I'm wondering if its likely they would have rooms still open? And can you book less than a week in advance?
If they have room available they will take you. I've booked rooms 2-3 days in advanced so I don't think it's a problem (you could always call up the redemption toll free number and ask if you are unsure they will help you out as best as possible). Most hotels usually have room unless there's a convention or a really busy time in the year.
I tried to book Mandalay Bay midweek comp for this Sunday a couple days ago and they said they didn't have anything open that night. And yet there are plenty of rooms available to book through other means...