All depends on how the syndicate is run. Good ones are run like a business,with Directors running it, and a set of rules all shareholders must abide by. You actually buy a share in the company not the aircraft. Then no one can legally claim the aircraft or hide it away etc as you hear of happening in small syndicates that start out as a few mates pooling their resources,buy an aircraft then, find owning one is a lot of work both financially and admin wise. Usually one of the group can't keep paying and/ or telling the others how it should be run etc. Mayhem soon sets in with the end result the aircraft deteriorates then gets sold at a loss.
I know of 3 good syndicates around the country that have been going for years. One I know of in Adelaide has been going for over 40years. Their current aircraft is a Archer 2 which I believe members fly for $150/hr wet and pay $75/month fixed. That is about half what it will cost you at any flying school at Parafield. There are others at Moorabbin an Bankstown which I believe are still going strong.
Problem with Aero Clubs is they always seem to be broke. Usually rely on the in house Instructor to run them, who often has no management skills in financial or legal matters,and ofcourse needs to be paid. Lost count of the amount of clubs that have folded over the years because members come and go but rarely get involved in the business side of things.
Syndicates if well set up and run tend to avoid these pitfalls. The only downside is you have to buy into it which usually costs a few thousand $'s and you need to sell your share if you wish to leave,or lose your investment.