BR: I connect through PHX a lot, and have used the America West Clubs there many times. Service there is exceptionally good, and there have been a number of occasions on which the agents in the club have bent the rules to make my journey more comfortable.
In the past, I've noticed a number of other comments on the board about the fine service in the America West Clubs.
As far as reciprocal privileges are concerned, there's been some concern about the future of the CO/HP partnership expressed over on the Continental forum; if I were in your shoes, I wouldn't count on reciprocity with CO necessarily lasting forever. Time will tell.