For some it is bragging rights that they belong to a club that is quite exclusive. For others it's about being able to get behind the green door and escape from reality once again (after escaping the first time when walking under the train station as you enter the park). Others enjoy the special events that are held for club members only during the year (yes, you pay additionally for those).
What do you get for your cash outlay? Most people who read this will say that you'd get the chance to spend more money at Disney. You receive entry into the parks at D'land/DCA 365 days a year for the member and spouse/domestic partner. You are able to make reservations for lunch or dinner where you will spend more money for your food and drink. You can invite guests to join you for these events or you can make reservations for your guests to go by themselves. They receive a complimentary parkhopper for the day (currently valued at $91). Their meal will cost the equivalent of a one-day one-park ticket (currently $76 pp) plus tax and tip.
There are also corporate memberships where those corporations will gift a meal for employees and/or friends for retirements, etc.
It is exclusive. While many here on the board know of it, many more do not. You could go through life and be very happy not even knowing it existed. It's not for everyone. If looked at in terms of dollars and cents and "value," most will say that it's silly. Value others have for it will be different.
I enjoy going. It gets me out of the maddening crush of the crowds below in New Orleans Square. When I was younger it was the "ooooooo.....I could get a drink up there" mentality. Now, it's a "ooooooooooooo......I can escape from reality up there for the next 3 hours."
Many members enjoy sharing their love of Club 33 with others, but not all others enjoy Club 33.
Michael