it's a crapshoot really. Some months I am amazed at the titles they give away and other months both games (oh, you get 2 a month by the way, sometimes 3) are something that i have zero interest in. However, i am not an early adopter of games anyway, so the fact that the games tend to be older does not bother me. I think it is worth it because if you pay for a year it ends up being $3 a month or the way i like to look at it, $1.50 / game.

The other "benefits" are all purchase related like additional discounts in the online store. I think you can't play some of the online games without a membership but that is rarely a factor for me since I prefer one-player, story-driven games.