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I have been a member of this bookclub for a number of years now have found it to be reasonable service and value for money.
-- Joining & Commitment --
I joined the club through a friend who was already a member - the advantage of this is that the friend will receive approximately 2 free books when you join, which, if they are nice, they might split with you!
Other alternatives for joining are the website or adverts in magazines etc. The internet offer seems to provide the best range of books though.
The initial joining offer was exceptional value and at the start of my membership I was keen to try different authors and didn't have trouble purchasing the required 4 or 5 books that are part of the joining conditions. (It should be noted that once the specified number of books has been purchased, you can contact the book club and request that if you don't order any books from a particular magazine they don't automatically send you the editor's choice.)
-- Club magazine and Pricing --
The magazine is printed every 2 months or so, however, for a complete range of titles available you should visit the website.
The pricing of normal titles in the club magazine is reasonable (around £10 for a club edition hardback) bearing in mind that fantasy and SF is a niche market and most of the titles won't be top 10 bestsellers which would result in major retailers reducing them by 50%. Slightly older stock will be sold at reduced prices ocasionally e.g. 2 books for £16
P&P is around £3 no matter how many books are ordered and I have found the best way round this is to ask friends if they want anything from the magazine, thereby increasing the size of the order and dividing up the postage.
-- Stock and availability --
In the last year or so I have become slightly jaded about the benefits of the book clubs though. For a number of new release books I've had to wait for up to six months before the club stocks them and I have experienced problems with the club stocking the first one or two books in a series and not the subsequent ones which leaves you with a series of books in different formats (the book club prints special edition books which are a little smaller than normal hardbacks.)
It should also be noted that while the club is called the fantasy and sf book club the main emphasis is fantasy and sf readers may have trouble fulfilling their commitment.