This thread started me thinking. When I was younger, and much poorer, I belonged to a golf club. I was in the Army and I joined the Fort Jackson Golf Club when I was stationed there. For E-5 and below the fees were $15 per month, and then .50 per nine holes. As you advanced in rank you paid more, although it was very affordable. My membership even gave me access to other Air Force and Army base courses. I loved hanging out with everyone at the course, it was a great place to be and I spent ALL my extra time there. Although this arrangement was a killer deal, it wasn't worth staying in the Army to keep it!
Now that I can afford to be a member at a private club, I am not. Mostly because I am on this kick of trying to play 40-50 new courses every year and I enjoy going on 3 or 4 golf trips with my buddies each year. That will soon end as my kids get a bit older and I will be forced to join a club close to the house. All my kids will play and taking 6 to a public course will not be an option. Luckily for me, MOST of the public courses near me won't be missed once I join a club.
I think it all depends on the club and how much at home you feel there. Places like Holston Hills CC (TN) and Columbia CC (SC) immediately come to mind; those are places were I could join, fit right in and be happy playing there and hanging out all the time. I think finding the right club, and nearby is the key.