I think it totally depends on where you live. We live in Ohio. I was a charter member, and chose not to renew my membership this month. They never even sent me a renewal notice- nothing.
In my few years of membership all that I was able to do was get the magazine and the token gifts.
We go to WDW annually, and I have an AP. Never once was there an event going on while we were there. You have to have some notice to plan trips, and they really didn't give you much time.
Prices for events also seem to have increased. Note that events are far from free.
I can't say I'd recommend it.