Been there done that, on the Austin Audio Club, as well as a Home Theater Club.
Home Theater was very hot at the start of the millennium and we had quite a few good meets. Home Theater matured and a lot of the members built their system's up to a point that made them contempt, thus the club cooled. Today a few of us who made friends through the club get together every once in a while for HT related stuff or just to drink and play some poker. I have a database that has contact info for over 40 people from this club.
My interests over the years moved well away from HT and into high end audio. In 2004, I started an Austin Audio Club. And for 2 1/2 years we had some really good meets. The problem that arose however was a lack of people willing to open their homes to a large group. I hosted 4, another guy hosted 4, and I recruited Ne Plus Ultra to host one. My database for this club grew to 30 people with a wide range of system styles and price ranges, but again the club cooled due to no one else stepping up to host. So it has been about 2 years since we met as a large group, although again friendships formed and we have made many smaller meetings. And for these smaller meetings we have a few more people willing to host.
Then of course there is the Bottlehead group out there, as well as a pretty strong presence on the Klipsch forum, and each of those groups have held a few meetings here and there over the years in Austin. Most of the attendees for these meets are different people than my 30 on the Austin Audio club database.
So just throwing out the history here, since you brought it up Fred.
I can also say the current economic climate has also had a cooling effect on many audiophiles I know. Just a bit less focus on the music and their system these days.
Wish I could make it this weekend to discuss this more, but it's not to be.