I posted earlier that I had recently received an invitation to join Club 33. After much research and several calls with Club 33 staff, I have decided to join. I am definitely in their target audience, and from my perspective and how we would use the club, I see value in the membership:
-50 Park Hopper tickets (Value $5k)
-5 VIP Tours which I would use since it's basically a FastPass for all rides (for Club 33 members there isn't a time limit, and can be used all day--for others it is $275-$300/hr with 6 hour minimum) (Value~$7k)
-4 Premium Annual Passes (Value~$2500)
-Concierge Upgrades (Value~$1k)
Most of us probably wouldn't book VIP tours left to our own volition, but even so, there is value in the $10k annual fee (at least for us) and if the VIP Tours are included, I'll definitely use them. The above is purely from a financial perspective. There are obviously several other intangible benefits that have been well documented here (access to the club, entertaining family/friends & colleagues, VIP experience, special events etc.).
For how we will use the club, there is no downside in them limiting the number of guest passes. I fully understand the argument (and see your point) whereby current members feel they have been bamboozled. I further understand Disney can change these benefits at any time, but I see the business rationale as to why they made the changes. While my comments may be unpopular with several of you, it's simply one man's perspective. It will be interesting to see how this evolves over the next several years.