I know it is a bit self-serving for me to give my opinion, but I will tell you that the goal we had for the Cigar of the Month Club was to provide one that was actually deemed worthy - one that people felt they got their money's worth. I think what has been included for the first two months - Ligas and LEs the first month, a Goldie and some solid cigars the 2nd - meets that goal in my eyes. I'd agree that my philosophy has always been to save my money and spend it on cigars I wanted rather than having someone provide me cigars, but if I were to join a CotM Club, this would probably be the one I'd join.
I also think there is a month-to-month option so you can pick and choose whether you think its worth it (only downside is you have to pay for shipping each time).