Mornings will be a fairly nice Continental Breakfast with fancier coffee drinks, it is very nice in Michaels Club. Evenings will depend on how many Elite members will be on the ship. If there are too many, they will probably move it to one of the larger areas, usually the lounge on the top deck towards the front of the ship. They serve a fairly large variety of drinks and if you have a good server they'll get you pretty much anything. The Elite meeting are much more intimate and you can get to know people much better. I enjoyed it very much.
Also, if you get a really good waiter who takes care of you all week, good idea to give him a few bucks at the end of the cruise.