I guess everyone has their own unique needs. If you see no value in a club membership, there is none. If you do see value (whatever your value proposition is), then the 5K PQM's will just increase that for you.
For me, this promotion was a loss for US. I would have renewed my membership anyway. Getting the 5K PQM's will make re-qualifying for <some level of Preferred Status in 2012> that much easier.
As I said before, if you have the need to rationalize it down to nickels and dimes... it's probably not right for you.