I was an annual member for a few years and then converted to life membership in 1995 (because we moved out of the US and AAII wanted extra to mail their monthly overseas unless you were life). They've been faithfully sending 10 regular monthlies and six more issues targeted at computerized investing, plus an annual roundup of big mutual funds (think M* digests on a bookshelf) ever since.
As a couch potato indexer, I can't say that I get much out of the monthly journal, which is oriented to running screens to find promising small cap value investments. Once or twice a year there's a useful tax article, which I carefully extract and file, the annual discount broker comparisons can be useful too, but most of it goes from mailbox to trash can in ten minutes.
I think the journal is worth reading, and I certainly don't regret signing up even if I don't get much out of it these days.