IMO the club is worthless... its only a deterent at most... its probably the easiest security device to remove, after all it is attached to one of the weakest parts of the car. The steering wheel is made of a thin wall hollow metal tube surrounded by foam.. and is designed to bend and colapse in the event of a crash, a simple snip & twist and the club is removed, and now the theif has a car with a oddly shaped wheel.. which can easily be replaced.. Either way, your car is still gone.
Cliff notes: Club = Worthless (IMO)
Things like the clutch/brake lock bars are decent, but still defeatable. Alarms are amoung the best deterants... Kill Switches, ect protect the car from being driven away.