Without match plays, and 50% off or BOGO buffets (so singles can use the coupon), to me there is not enough profit in the MRB to spend the $37.00.
I can only remember using three MRB coupons on my last trip. I had an envelope full of ACG's I used. It really depends on what you are looking for. I think one needs to look at the lists and see what the EV is for gaming coupons and what you are saving with the non-gaming coupons. Take the $50 off at Palms for example or some of the 2 for 1 show or Buffet options. If you really are needing to purchase two and not just going solo there is some money to be saved that could easily still make it worth it. Same with the buy one night get one free etc for hotels. The problem I see with the 2 for 1's on buffet's or shows is that they are everywhere and not just exclusive to LVA so that makes it less of a value. But they do have some that are harder to find elsewhere. All goes back to how you plan to use it and if it's going to fit what you have in mind. For me going solo this last time I don't think I got my $37 out of the MRB. But I also need to remember that $37 was for the message boards and newsletter. Depending on how next years list looks I could be looking at $37 for just the newsletter and I'll be out then for sure.
I don't disagree with what you said.
From my perspective, the only "value" in LVA is the MRB, and the information from the forum Paid Side is not as valuable now as it was when I planned my "Virgin Excursion" and joined in June. But, I joined for the MRB, not the forum or newsletter. The information is available elsewhere on other forums, if someone does their due diligence.
I "treat" Vegas as a part time job, not a vacation. I go to make money. I could stay home and gamble, so to me, it's a semi vacation and working vacation. Coupons are my a"work", and if I think I have a shot at recovering my trip costs, I will go, if not, Florida has great weather all year when compared to Vegas.

I do calculate the EV of the MRB, and ACG for the gaming coupons. To me, they represent actual cash, and I calculate a $10.00 matchplay at $4.50, slightly less than it should be but I always tip when I win so will "walk" with a $9.00 profit. The other coupons only have value if I would have gone there anyway. Not too many do.
I know I will get at least one comp per day on average, which I will usually use for dinner. I "plan" my other meals to be those casino "Specials" for breakfast, lunch, dinner, usually 24/7. I will "treat" myself to a buffet if I get a deal, so the 50% off for solo on those BOGO coupons was a big deal for me. I loved the Fremont Seafood Buffet, and enjoyed the Gold Coast and several others, and all ended up costing less than $9.00 with coupon. The Palm's I used at the buffet, so saved very little. I gave a couple extra Palms coupons to a host for her to use at the Spa. I would not pay full price for a Vegas buffet, ever. So unless it's 50% or free, the coupon is worthless to me except as trade bait or "Gifting" as a tip, usually to gain something. And I did use quite a few coupons as gifts during my visits, but in circumstances where the coupon would be worth cash to the recipient. Shuttle drivers, housekeeping, etc were sometimes offered coupons in lieu of cash, and always accepted.
I just am too frugal to use a coupon for something I would not have thought of or intended to do.
I do not remember what I calculated the 2010 EV at, but in 2009 I seem to recall my EV for my first trip, for gaming only, was almost $400.00. That may have been MRB & LVA, don't remember. By coincidence, that is more than what my first package trip cost me.

If LVA's MRB produces enough EV for 2011, I'll rejoin. If not, OK with me. I will say that the coupon EV in the MRB must pay for it's cost, and provide adequate profit to make it a worthwhile "investment" for me.
But I will continue to suggest to people planning a Vegas visit that they check it out. For many others, it is well worth the price.