I've stayed at my uncle's club (military-connected, not academic) in central London. It's like a grown-up version of a college dormitory, though. Private rooms with en suite bath, but the rooms are Spartan with minimal decor and amenities. No room service. Not necessarily smaller than a hotel; this one has dozens and dozens of rooms.
The club's dining facilities are rather grand; the food, just all right. Very strict dress code in force (e.g., jackets and neckties for breakfast; a pullover sweater plus neckties is insufficient). A very helpful front desk stashes luggage, orders cars for members, etc.
In short, far from luxurious but very serviceable and -- and this is the prime attraction -- well-located. (This is the case with all the main clubs in London, the Yale Club and others like it in New York, etc.) The point is to give members a pied-a-terre in the city at a reasonable price per night, not shower them in amenities.
[This message has been edited by BearX220 (edited 09-15-2003).]