Well, my Civic had a good alarm, and I used the club. It was broken in to at least 7 or 8 times before it was finally stolen successfully... I'm guessing the audible alarm scared them off. Each time it was broken it was parked in front of a house (mine, my girlfriend's or my parents) and it happened at like 3 or 4 in the morning. So I'm guessing this was a premeditated act by a determined thief. A big reason I switched to Mazda from Honda was because I didn't want to go threough that same nightmare again.
I think WITH the audible alarm, the club helps because a thief is going to be less inclinded to spend time cutting the club with the alarm going off. But without one (like now), the thief can take the time to cut through.
Where I live now, I have a lit carport off the street - I don't know if that's better or worse than being on the street. I guess what I'll do is buy a club, keep it in the trunk, and pull it out when I have to park downtown or on a dark side street.