I believe the biggest (and determining) caveat is that the MLL membership does not allow guests into the lounge with you. Guests will have to pay a lounge access fee for the ability to visit with you. If I'm not mistaken, this also includes your spouse!
For this very reason, I have avoided the MLL membership. Having said this, I'm not sure how this rule plays out in "real life" with the RCC staff. Nor am I sure that these rules haven't changed since last time I got interested in that idea... (Basically: I'm not sure.

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Does anyone know for sure?