I subbed for over a year and loved it. The only reason I've cancelled is I'm addicted to WoW and haven't touched my consoles in a while. At some point I will resub to GameFly. It really rocks. I had the 2 game subscription.
Getting the new releases depends on when you add them to your queue. I had great luck and had most stuff that I had on my list prior to release shipped out immediately.
I've got no cons to list, but I'll list some things I liked about the service.
- had a couple games lost in the mail, no problems with that whatsoever, filled out a form on the site and they shipped out my next game immediately
- never once regretted getting games that ended up being garbage because I sent them right back and got something else
- got to play through many games I would have never purchased for 50 bucks each
- they cover all consoles and handhelds, which is nice when you have more than oen
- no longer do "short" games bother me, I could care less how long it is or how replayable it is since I didn't pay 50 bucks
I dunno, maybe I got lucky, but I say if you own a console and don't care about having your own "collection" of games on your shelf, then it's a must have service. And I used to be a collector. I own over 30 Xbox games that I bought before Gamefly... but even buying them through GF is cool, you already have the disc and know it's in good shape, for a cheap used price they ship you the pristine manual and box.