I generally agree with Lawrence. Being on the other side of the world, I obviously don't get to enjoy to club's facilities in Edinburgh or London.
To my way of thinking, my membership subscription is my "licence fee" for having the right to attend the tastings (yes, I have to pay $65 to attend each one) and to be able to purchase the bottles (which I feel can often - but not always - be overpriced). However, the quality of the bottlings is always admirable, and I enjoy the atmosphere and fun that our tastings in Sydney offer. (We have about six a year).
Also, if such a subscription keeps the bottling and meeting costs down, then I guess the value is inherent somewhere in the system.