I think a lot of guys are forgetting the social aspect of the Member-Guest event., and how the whole concept has evolved over the years. When I was coming up/just getting started in the golf business, the WWII generation was still around, most of them in their late 60's and early 70's -For that generation, the social life of their club was a big deal. It is where they ate many of their meals-out, where they invested in leisure activities, and where many of their social gatherings such as weddings and bar mitzvas occurred. More than being an opportunity to draw-in new members, it was the single most important social event on the club's calendar. It was an opportunity for the guys to play in an important event (and to FEEL important, as sometimes well over a hundred people would be watching the final playoff, cocktails in hand) and for the ladies to have an opportunity to dress up and feel special - It was a way for one to showcase his club and take a certain measure of pride in inviting someone who might go back to their own club and rave about the course or the hospitality.
I think using the member-guest as a marketing tool eventually became a necessity, especially now that the clubs that are managing to stay afloat are competing with the distractions of modern life.