I've gotten involved in this some. I do think, should you have a sore shoulder area, shoulder sock, this is good for rehab. You work it out. As far as a serious exercise, only if one really got into it. One can make their own Indian Clubs.
Indian Clubs means this exercise was brought over from India by Great Britain, who colonized there. Indian Clubs were very popular in the USA cerca the Civil War and a lot of people still know what they are; they saw them at gyms growing up.
http://www.youtube.com/watch?v=8-AJT5ERdHsThis explains the Clubs though McGuire really takes more from the Iranian School; big clubs and the like. McGuire claims that if you work your way up the latter to heavier clubs, you might be able to chop a brick.
http://www.youtube.com/watch?v=b_yxM9tf2yE&spfreload=10This Australian, Paul Wolkownowski, has made dozens of videos on Indian clubs, some say these clubs are good for things like aiding in rock climbing, etc.
http://www.youtube.com/watch?v=E5_2elk0RhYOne can purchase these or try a number of homemade versions, such as getting a kid's plastic baseball bat and filling it with sand and so on.
Weights go from a pound and a half on up to 40 lbs or more.
Indian Clubs swinging was also actually in 2 Olympic competitions.