Kalen,
Do you have a sense for the expense side at U.K. clubs?
Jim,
While I don't know exact figures, I do know the maintenance expense is significantly less.
And while I also know they have several built in advantages like a cool and wet climate, I've also heard many haven't given in to the silly arms race of chasing Augusta like conditions. I suspect they also do far less fertilizing, mowing, flower bedding, pool building, massive clubhouse erecting, <insert extra here>... that many American courses have/feel they need.
So at the end of the day, it seems to come down to one simple thing: What is wanted.
An exorbitant initiation and dues for all the extras??....or something more basic with occasional outside play, a simple setup, and greens that stimp at 8.