I think that depends, because not everything there is a bargain, imo, but there are lots of things that ARE. (And I've heard their customer service is very good and I know they offer extended warranties on many items.)
What tips the balance for me is that I have a Costco Amex business credit card which gives me cash back. For gas, it's 4%, so that's going to be significant this year with what has been going on with gas prices here in CA! I don't buy lots of groceries there (just a few odds and ends that I've figured out are worth it), but I buy nearly all my paper there, bought my new cell phone there, new TV, external hard drive, etc. In years past, the rebate on the credit card has more than paid for my membership and I suspect it will be well in excess for this year. (I buy prescriptions there, too. It's pretty good pricing, but I don't think that counts towards any rebates.)
Last year, I also decided to try their Executive Membership for an additional $50 because it gave me access to a good deal on Delta Dental insurance. I recently found out that I'm getting a $44 rebate back just on that. That's pretty close to break even, but I'll be re-evaluating it for next year, since it may not be paying for itself (especially if I can find a comparable deal on decent dental insurance somewhere else).
Everyone's situation is different, of course, so we each just have to find out what works best for us.
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