Mike,
I think it's a great idea and I hope it gains some footing, especially on the private side, and it could open up some great places to play.
Dave,
I've heard of a couple of clubs that waived or lowered their initiation fees for '08. A couple lowered their young adult fees to very reasonable levels.
I think we might see more of this, but if some of the privates were smart, they'd broaden their scope and allow more outside play from the public sector. They could more easily maintain their present standards if projected/real cash flows were made up from outside. I think it could be a win/win for players and private clubs going forward.