The Club members do indeed have VIP on their boarding pass. My boss is a member and takes great delight in showing me his boarding pass every time to remind me how special he is
He took me for lunch in the Brisbane lounge a few weeks back.... AMAZING!!!! A table was set for us, and a three course meal selected from the menu. A fantastic wine list available and every manner of spirits on hand.
We were alone in there from about 3:30pm until 4:30pm, then two other passengers came through. Nowhere near as busy as the Chairmanship Lounge seems to get.
He also gets automatic upgrade to business class 1A on every ticket, and a concierge meets him at the plane at the end of every trip. I've even seen flight crew move people out of 1A to accommodate.
Certainly has its perks... If you can get in
He tried hard to award me his partner membership, as I do most of the travel in our company. However Virgin are very strict on the policy of spouse only. Fair enough I guess.