I've maintained my LGB club membership and I really have enjoyed it. Is it worth it? If you add up the dollars only then maybe not, but if you view it as a magazine subscription and source of information then I think it is. You get several magazines a year (you can also download them as .pdfs), 2 DVD's with layouts, factory tours, films of real railroads etc. There is also online Marklin TV online that is updated every couple of weeks and shows current production, future products, actual railroads etc. There are online competitions you can enter to win draws etc., and discounts to events (mainly in Europe though). The club cars have been hit and miss--there have been a couple of nice RhB cars such as a specially painted flatcar and weathered tank cars. One thing I've noticed is that by watching the amount of dis/misinformation that is flying around regarding LGB/Marklin on this website I've realized how being part of the club has kept me in the loop. So is it worth it? I think so.
When you log on to the LGB club website, you can choose either German or English for viewing the online content, including the downloading of the .pdf magazine. In fact I often go to the German pages first because they tend to be a few days ahead of the English; it takes them a day or two to translate the TV content. They haven't announced the club car for 2012 but I'm really hoping for a RhB variant of the 40920 rungenwagen.