The Society's going to cover pretty much anything game-related, both non-development (trading, reviewing, LAN parties, clans, etc) development (assistance, teambuilding, liasing with industry, etc) and the stuff in between, like study (nature of fun, videogame violence, etc). I think there's a lot that a society can do to support gamers and game developers.
If I get the society formally registered with the university, then I get some financial backing for things like equipment and venue hire; I'll probably need to charge subscriptions beyond that, to cover running costs (things like stands at Fresher's Fair ain't free), but it'll likely be small, like GBP5 a term or GBP10 a year.
I've already contacted a couple of people to place some "if you'd be interested, email me" type messages, and I've done a little shopping for board game pieces (so we can do some 'Limited Game Design' stuff) - already got some D6s, counters and army men, and I've also just placed an order for some polydice, pawns, and rings (thanks, Lounge!). I'll see if anyone else is willing to donate some old board games that I can cannibalise for parts - or even see if I have some old ones at home. I dislike cannibalising board games because it's wasteful, but it may be the only way to get minature firetrucks or little winged pigs and stuff like that.
Also, while the society is a university society, I can also admit non-university people up to one fifth of the total membership. So, given that the current membership is under five, I can't admit anyone yet, but if you're in the Oxford area and you might be interested in fraternising with some students over this, drop me a line and I'll try and remember to get back to you once I can admit some people from "the outside."