The beginning of this sketch has been edited out of the sesamestreet.org version. Seeing how I'm a professional transcriptionist and all, I'll just transcribe the beginning for you:
[Bert stands at his podium looking at the assembly. General unintelligible conversation fills the room.].
BERT: All right, all right everybody. Settle down. Come on now. [The conversation subsides] Now *ahem* Welcome to the weekly meeting of the National Association of W Lovers. We are gathered here today to pay tribute to that great letter: W, and the wondrous sound it makes...
The lyrics to this song were written by Jerry Juhl, who was primarily a Muppet writer rather than a Sesame Street writer. Therefore, I suspect that the first draft of this sketch probably ended with Bert's podium falling over, which would be more muppety. But I have no way to prove that.
So the point of this club is to get together once a week to sing the song and then go home? I hope they don't charge exorbitant dues.