Yep.
Been using it for a couple of years. I average about 10 DVDs a month, so my $23 (current rate with tax) is costing me $2.30 per rental. My local Blockbuster charged about twice that with tax, and I had to spend my gas to get there.
It is easy as pie to select your disks and just swap them back and forth in the mail. If you send yours back on a Monday, they generally get back to them on Tuesday, which is new release day. Then you will be the first in line to get the new releases.
The only downside I've seen is that multi-disk rentals count as more than one toward your limit. So a two disk set is two rentals. But most of the multi-disk rentals are not worth it, unless you are really into trivial stuff.
Several hundred rented without a hitch, and I've only had exactly TWO movies that I couldn't get the day I wanted them.