How to format for a useful journal club?
This is based on my experience being in some highly unsuccessful journals clubs, and some very successful ones - at least in my mind.
- You must have faculty involvement. I've seen more than one journal club that either didn't have faculty members, or had a faculty member or two who just kind of sat back and didn't say anything. That's bad. Faculty members who can contribute, answer questions, and generally provide some context for papers are excellent. They're good for pointed questions we might have missed - I've had faculty members ask a question about a figure that got into an interesting discussion of research ethics, one that led insight into some politics ("The reason that commentary appeared in this journal is Y"), etc.
- I prefer to have them separate from lab meetings, and drawing from a wider audience than my specific research group. I find the breadth of experience, diversity of papers, and keeping up with things taking place beyond my narrow little laser-like focus to be both refreshing and more useful than going over a paper half of us already read.
- Giving the journal club a greater context. Yes, keeping track of the literature is important. But its importance seems to slide if you know your analysis should be done soon, or something needs to come out of the water bath, or midterms need to be graded. One semester we framed ours as qualifying exam preparation, and another as professional development - the people presenting wrote their critiques like responses to requests for peer review.
Overall, I've found journal clubs to be most useful for mid-level graduate students - they need enough experience to have thoughts, insights and feelings about the paper, but if a JC succeeds, eventually they should need it less and less.
Fomite's answer is great. Along the lines of "greater context" - you could form a journal club around a topic, rather than around your laboratory. When I was in grad school for plant biology, a friend of mine in Ag Chemistry formed a photosynthesis journal club. He was able to get his supervisor (photosynth bacteria) and another PI (plant focused) on board as regular attendees, while the student himself proctored the meetings. I participated not because I was studying photosynthesis myself, but because I wanted to learn more about biophysics.
Attendees (including the professors) took turns selecting papers and leading discussions. It ended up being good study for my qualifying exam - and a good way to get face time with others in the department that I wouldn't normally interact with.
This is one way to get around the "students take turns getting grilled by one professor." Take the initiative or find another student who wants to run a club, and find professors who want to participate but not lead. The environment will be different.