Have only done it once, for The Flenser’s first membership series.
I think it’s been fantastic, though pricey. Some stuff was announced at the very start of the year, other items have been surprises. All vinyl is a membership only colour variant, and at least 1 release is only available for subscribers. Although they’ve done some represses this year they explicitly said that those wouldn’t be included in this and it would all be new stuff.
On top of that, they send everything early. So in cases like the new Have A Nice Life album (one of my most anticipated for the year) I’ve been able to listen to it for the past couple of weeks even though the official release date is tomorrow. Plus nearly all releases come with either a download code in the vinyl and/or an email. Meaning I’ve been able to listen to releases while the actual package has been in transit.
Delivery has been super easy (don’t think I got hit with customs?) and when I moved home they were quick to say they’d logged it. There’s been 6 12inches and a couple of 7inches, divided into 4 packages throughout the year. Considering I was going to by nearly all of these anyway, being able to just pay a lump sum and not have to think about it has been great, especially as the international shipping rate was very fair/reduced considering the packages had multiple releases.
I think this is a gold standard of what I would like a subscription service to be. That said, this must have been very difficult to organise and some aspects (unique colour vinyl) will probably make it not feasible for small labels. Will definitely subscribe to year 2.
Edit: Oh and also you get a discount code for anything on their shop that isn’t covered by the membership series e.g. shirts. Which is also good