There are really only two scenarios in Prius theft. The thief has a FOB and will drive the Prius away. The club may delay the thief a bit. The thief does not have a FOB. In this case the thief must use a flatbed or tow vehicle. The club will not help. I don't use one. It's not needed for a Prius.
+1 It's kind of extra redundant on a Prius, and people really don't steal Priuses. They're something like #87 on the list of most stolen vehicles. Most Prius crimes involve broken glass and missing contents or pieces/parts. OTOH, If you live in an area where crime is that big a problem, you can always use the club as.......well, a club.
The club is easily defeated. Where it would help is when there are two cars to steal and one has a club, which will take 60 seconds longer to steal, and time is of the essence. If concerned about stealing, install a hidden "kill" switch. A tow truck can always take the vehicle, kill switch, club, guard dog so it all depends on your big picture and reasons for asking.
For my location and vehicle selection, vehicle theft has never been enough of a problem to bother with this particular anti-theft device. The Prius is an even less of a target than any previous car, and its immobilizer system already prevents hot-wiring, so a Club is redundant. As previously mentioned, if a thief wants it, they will haul the whole car (tow or flat-bed), an attack for which a Club is useless.
The Prius has one of the lowest theft rates of all cars (2008 - 2010 stats) and one of the highest recovery rates. Don't waste your money on a club.
If I'm a thief I'm going to ignore the cars with the club and move on to the next. It's easily defeatable but takes up valuable seconds. So I'd say it works. However, for the vast majority of club owners, it's useless. Why? Because it's stowed away underneath the passenger seat. I know 2 people who consistently use it. Good for them! I also have a sunshade and an treadmill at home that doesn't work.