You do get full reciprocal privileges, but if you wanted to go for drinks you would still likely need to make a reservation through ClubCorp Club Line. Same goes for happy hour events, breakfasts, etc. That said, don't get the 50% discount that local members get on F&B outside of your complimentary benefits.
Also, don't forget, you get 2 complimentary meals PER LOCATION PER MONTH, not just 2 per month system-wide. Same goes for golf. Only exception to this (that I know of) is Le Crique Cafe and Osteria del Circo, which are 2 complimentary meals per month across both locations.