Fright Level,
A club checkout might or might not cover enough material to be counted as a flight review; to count it, however, the instructor should endorse the logbook as a flight review. In that case, you've just received a flight review...not a proficiency check in lieu of a flight review.
Note that the regualtion states that the flight review must be given by an examiner (one entitled to grant pilot certification privileges), a check airman (eg, a company check pilot for a charter operator or airline), or an armed force checkride. An example of a proficiency check used in lieu of a flight review might be attending a recurrent training session at Flight Safety International, complete with a checkride using a Part 142 check airman or examiner. Another example might be adding a multi engine land rating to one's private pilot single engine land certificate...taking the practical test and proficiency check for the new rating may be used in lieu of the flight review.
A club checkout would at a minimum require an hour of ground and an hour of flight, and the endorsement in your logbook of an instructor who has provided the review, stating that you've satisfactorily completed the flight review in accordance with the regulation.
In the US, an axilliary of the air force is a civillian flying corps called the Civil Air Patrol...a group which provides search and rescue and other services on a volunteer basis. This organization employs volunteer check airmen and requires proficiency checks annually, as well as for each qualification. The airplanes are generally single engine Cessnas and Pipers...some owned by Civil Air Patrol, some privately owned. A typical annual PIC checkride is called a Form 5 check, and is a proficiency check which could be used to meet this requirement. However, the instructor should still in that case endorse the applicant's logbook stating that a flight review has been satisfactorily completed. This is because the checkride is for an operating privilege, but not one required under the FAA regulations.
I don't need flight reviews because my employment checkrides take care of it. However, if I do a checkout or something along those lines, I'll always ask the instructor to endorse my logbook to show the completion of a flight review if we've done everything necessary and the instructor believes it's adequate and satisfactory, of course...just to have that formal statement in my logbook. Same for attending Flight Safety...I still put it in my logbook to meet the legal requirements of the regulation.
Some years ago I was asked to provide a checkout for a flying club in a Cessna 172, as a favor. I did, and the airman passed acceptably. I made a note on his file card in the flying club, and went my way. A few months later I received a call saying that this individual had destroyed a 172 when landing at a remote location in a crosswind. I was told the last instructor to fly with him was me, and that the flying club would be coming after me, as would the insurance company, and the individual. I was told that he didn't have a current medical at the time he crashed, nor did he have a current flight review.
I didn't give him a flight review. I do keep fairly thorough records when I fly with a student of exactly what was discussed, covered, and the results. I had a record showing I had informed the student his checkout wasn't worth anything unless he maintained his medical, his flight review, his 90 day landing currency, etc. I had a notation that he'd acknowledged, and agreed.
The flying club told me they wouldn't take me to court if I agreed to backdate a signature in his logbook showing that I gave him a flight review. I declined. I received threats trying to get me to do it. Aside from the ethical and legal implications, I elected not to do it because my flight reviews are thorough, and he definitely didn't get one...nor would I sign his logbook saying he did. The flying club eventually accepted the loss and moved on, and left me alone. Had that individual entertained the idea of seeking the endorsement and the full review at the time,it would certainly have been in his best interest.
A flight review isn't rigid at all. It should always be tailored to the needs of the student. I often find that starting the oral portion of the review over lunch is a good way to begin. I may find the student isn't comfortable with crosswinds, so we'll target time on reviewing and training in a crosswind. Or the student may have not considered inflight emergencies, or forced landings, so we'll concentrate on that. Or h or she may need work covering regulations that have changed, or may need to concentrate on some instrument work. All do-able. A flight review is really about meeting the needs of the student. Certain things must be covered, and certainly the student needs to be able to perform to the practical test standards published by the FAA...but the review is for the student. It's not just a hoop through which the student must jump. It's time dedicated toward bettering the student, and how that's accomplished and what needs to be done should be very specific to that individual.