I’m not sure for how long this is valid for, but right now US Airways is selling annual memberships to their club for only $259 (plus the $50 initiation fee), regardless of status level. Given that a US Airways Club membership gets you into most Star Alliance lounges, this is just about as good as a Presidents Club membership, Red Carpet Club membership, etc., assuming you mostly use the lounge when flying the respective airline. So even if you never fly US Airways, this deal is seriously worth considering.
They offered a very similar deal back in September, charging $249 for an annual membership.
I guess US Airways isn’t just the unofficial award consolidator of the Star Alliance, but also the lounge membership consolidator. 😉