Hi wiltsteve. I looked into setting up a Club on Home, and I asked around. All I could find out was that there is still no monthly fee (I asked earlier this month). And that the 'Club' is a seperate area that you and members download that's like a hall or large room with a large tv screen on one of the walls.
Now that you can launch games from Home, pretty much the only advantage is that it's the closest PSN has to the Xboxlive Party system, ie all Club members can launch from the same play list, but you will only stay together for the game launched for. If you wanted to change games, the party wouldn't carry across to the other game, you'd all have to go back to the Club Homespace then all launch the next game.
The other thing is that if you have a Personal Space, eg the Harbour Apartment, and you want to invite people they have to be on your friends list to invite them. You dont have to add people to your friends list to invite them to the Club, I guess you just enter their PSN ID, or invite them from 'Players Met'. You can also appoint officers or admins who are authorised to invite people from their friends lists or whatever.
It sounds a bit naff, but I wouldn't knock it. I dont know if you've ever launched a game from Home but it's actually pretty cool. I launched a game of Motorstorm:
PR from the Motorstorm area (when it was still there, it's gone now). Basically met this random guy there and got talking, we decided to launch a game of MSPR. While in Home you bring up a launch menu of players that you can add to just by asking randoms hanging around if they fancy a game. Obviously you have to have the game disc in the drive, when you're all ready you click launch and it launches the game to a multiplayer lobby with you all together.
Anyway hope that helps