Both subscriptions provide aspiring game developers with access to thousands of game assets from Microsoft and key supporters such as Turbo Squid Inc., as well as white papers, specialized starter kits, samples and technical product support to help turn Your World, Your Game into a reality.
Without the Creators Club subscription, you won’t be able to move the games to your Xbox 360 and play them there. There will be a contest, with winners getting their games on Xbox Live Arcade.
UPDATE: TDavid explains how easy it is to transfer games from his PC. If I can find at least ten decent games, I might pick up the subscription.