I've been to 3 clubs, 2 regularly, in my time. I've also been fortunate enough to recieve several house party invites.
Both have great, if different, vibes for me.
Clubs tend to feel more like a night out in a pub.. sort of a 'Christmas party' atmosphere. Everyone is bouncy and lively and there is generaly always something going on, somewhere. Parties are more relaxed, more social and you feel more in control of your own destiny. Probably because their smaller and you get to chat to everyone and don't lose people as much.
Both offer as much fun as you can shake a stick at!
I don't have a preference anymore. Variety is the spice of life..