We paid for Club Level at the Dolphin and didn't think it was worth it - we were there between Christmas and New Years and the lounge, which is pretty small, was always packed. They even ran out several food items. Even more disappointing is the fact that the rooms are NO different than other rooms, and as mentioned, none have balconies. As a matter of fact, you can easily end up with a view of the parking lot if you end up on the wrong side of the hall - we did, and I was not a happy camper that I paid a premium.
That being said, the convenience of breakfast in the lounge is nice - and if you can get it for "free" using points, go for it. I would request 12th floor so you don't have to get on the elevator to get to the lounge. We were on 14, the other club floor, and it was less convenient.