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It's been one of the best decisions I've made in recent years. Most of the people I've met online or in person at events have turned out to be friendly and similarly LEGO-obsessed, and it's given me the opportunity to get involved in some really cool events such as the BA Christmas party at LEGOLAND Windsor (http://gimmelego.blogspot.com/2010/12/winter-wonderland.html), building models for display inside new UK LEGO brand stores (http://gimmelego.blogspot.com/2010/11/perfect-job.html), and making large models at a LEGO store grand opening (http://gimmelego.blogspot.com/2011/03/grand-opening.html). I've also done quite a lot of trading with BA members, and had the opportunity to get cheap bulk LEGO via LEGO's LUGBULK scheme. All for a little over ten quid for annual membership - bargain.
If you love LEGO, I actually don't think there's a good reason NOT to join a LUG, on the basis of my experience.
I'm not sure if there's any exceptions to this, but just thought I would point out the first limiting criteria is more likely what LUGs are near you.
I also figured this is something people would want to talk about. If you spend the time and involve yourself, wouldn't you want to talk about it? I'd be interested to listen.
LEGO have tried to claim ownership of the 'LUG' name (why not? It's got 'LEGO' in the name after all); they have their own rules as to what constitutes a 'valid' LUG ... under their rules, pretty much any LEGO fan community counts as a LUG as long as it has more than 10 members, has been around for a year, and has a web presence. Web-based communities like Brickset, Brother Brick, FBTB, Bricklink, Eurobricks, etc. all count as 'LUGs' under LEGOs criteria.
Anyway, you should participate in LUGBULK if you have the opportunity. We've got some very cool stuff to build with from them.
"I LUG NY": http://www.ibrickny.com/
By the way, I sympathize with any AFOL residents of NY City who surely must struggle with the physical space requirement that LEGO demands
Thankfully I'm in the tri-state area and not actually in NYC proper, although I do spend a lot of time there. But yeah, I know NYC apartments and it would be difficult to maintain a large collection.