Well...feel and playability are virtually identical, with the exception of the bridges; I replaced the Synchro on my Falcon with a bar..."solidified" the tone a little bit. But with my eyes closed the "feel" is virtually the same. Playability-wise, one(Club) has rosewood while the other(Falcon) has ebony for the fretboard.
Tonewise is another story. The Falcon has trestles while the Club is totally hollow(just the standard bracing, no post of any kind). That along with the Synchro bridge makes the Club a very acoustic sounding electric guitar. I think having the "G" tailpiece as opposed to a Bigsby plays into this as well(the tailpiece is lighter and not as much contact with the top as a Bigsby). With the flatwounds the Club is an outstanding guitar for playing jazz, which I'm not very good at but it's fun to play at it anyway. The only problem with the Club, obviously, is feedback issues...which for the way I have it set up is not really an issue because if I know I'm gonna be loud I'll grab a different guitar.
It's a very quiet, intimate-setting type of guitar. I keep sorely tempting myself to buy Bobkat's Club, which is just like mine, and keep rounds on it for times I want a little more twang...but I remind myself that I have a bunch of other guitars already equipped with rounds that more than meet my needs.