It's certainly an awful offer if you'll be able to use the club over a full year (or in more than 5 months, for that matter). For people whose travel comes in spurts, it has some attraction. I sometimes wind up with four or five round trips in a month and then don't set foot on an airplane for three months; this might entice me, whereas an annual membership never would.

Also, 30 days of membership costs what two day passes would. Because membership allows guests while day passes don't, this is the same price ($1 less, actually) as a day pass for just one day of admittance.

Though as you say, it's still not cheap; hard to see how this is making the AC accessible to every man and his brother. Seems to me more like a niche to get some added revenue, and possibly a leader to annual membership.