We've really enjoyed it. The movies are cheaper elsewhere but to stock up at the beginning - especially if you're building a collection - it's a great start. The average we've paid over the course of a few dozen movies is probably around $13-$15. You get an email telling you that it's time to decide on your upcoming selection, so you don't forget about it, and I've never had an issue with my declination being honored. And yes, you generally have an option to get the digital copy code also. I decline nearly every month and have not been kicked out.
If I were looking for given movie X today, it's almost certainly cheaper to get somewhere else, but when they run their specials it's a good time to stock up.
Definitely recommend. There's really no downside.