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Yes, you get a membership card. The fee is just south of $50 for one year of membership I think.
Roundel (the monthly magazine) is awesome.
Discounts are very handy (there's a discount on Performance Center schools also), as is the rebate.
You have to be a member for one year before you're eligible for the car rebate though. Car has to be purchased/leased in your name; you can have a co-owner or co-lesse though I believe.
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