As stated many times in way to many posts, VIP is both valuable and worthless at the same time. Think "Schrodinger's cat".
If you are new to the game or have purchased very little, then VIP has value. Lots of things unlocked. If you managed to miss the last two free quest/adventure pack codes, then it really has value.
On the flip side if you have been playing for a while, bought the races and x-pack, used both quest/adventure pack codes then VIP looses it value.
My wife and I both have vip subscriptions. This is less about it having value added features and more with supporting the game in some small way.
Yes, we could drop our subscriptions and not much would change as we bought the races, x-packs, adventure pack, etc... To us the value is it helps keep the game running. So we have our subs and still buy points as needed.
So subscribe, don't subscribe, do what is right for you but debating this is pointless. Both sides of the debate are correct depending on your point of view and circumstances.