Jamey,
I don't know much about models beyond McConnell outside the Carolinas, but it is a very interesting model to me. As someone who is more interested in playing nice golf courses and less interested in a pool, dining room, or other such extras, I think I'd strongly consider joining a McConnell club - having played a couple of the courses on their roster, that's pretty enticing.
I wonder, though, if this is more of a band-aid in the down economy rather than the possibility of this being viable in a stronger economy with waiting lists on single-club memberships. Seems that the courses of this quality might return to that point. Kind of like the non-resident membership vs resident membership quotas involved in some golf/live communities (Hasentree in Raleigh, for example)