I was in 4-H from about middle school until I graduated from high school. The best part was the county fair and exhibiting all my projects.
Our club met in a town hall once a month. We elected a president who ran the meetings (usually an older kid), a vice president, a secretary, a treasurer, and a few reporters. There's lots of encouragement for kids to get involved with community service projects. We cleaned up a stretch of highway, cleaned the town hall twice a year, visited nursing homes...that sort of thing. That was the big group meeting.
The smaller group meetings were based around the project areas you decided to take that year. I think you could learn about as many project areas as you wanted. I remember taking foods and nutrition, cats, gardening, veterinary science, childcare...lots of things (usually five or so areas a year). The goal was to learn about the areas and develop projects you could show at the county fair. Each area was supposed to have an adult leader that facilitated meetings a few times a year, but I don't recall having many of the smaller meetings. It kind of depends on how involved the parent supervising that area wants to be.
I thought it was a good experience, but like anything, you get out of it what you put into it. It helped me learn about organization and deadlines (fair time...projects had to be done, and we had to do a record book for each year of our activities too). I'd recommend going to a few meetings and talking to the general leader.
Edited to add: oh yeah, the speeches!! I forgot about that! I was also involved in drama and singing in our club, too. It really is a great program, and I think it can be a whole family thing too because the age span is so wide, and parents are encouraged to get involved.