Been a member for decades. The Comm. ACM is an amazing magazine. Unlike the freebie magazines (Computer World, Info Week, etc.) it's not filled with 90% press releases and 10% original content. It's 95% original content. Consequently, it's often way, way leading edge. It doesn't address vendors, products, and techniques for using those products. People call this "too academic" and "not practitioner-friendly".
Have I gotten a solution to a client problem from CACM? Probably not. There's no direct $$$ value in subscribing.
Have I seen what top minds are doing? Does that color my thinking? Does that make me look around at new possibilities? Yes. The indirect $$$ value is awareness, confidence, background. Fluffy intangibles.
Did it make me aware of the leading edge? Sometimes. When product announcements come out, and I've read about that technology in CACM, I can better filter the reality from the marketing hype. The track from research to product isn't linear, and often isn't clear. But a few products have shown up as research topics first.
The Digital Library is chock full of algorithms and fundamental research. I spent some time there a few years back researching algorithms for calculating the chi-squared tables published in statistics books. Value? Who knows.
The Queue magazine is focused more on the nuts and bolts of getting stuff done every day. I confess that I get it in my email and don't read it as often as I should. When it came out in print, however, I did read every issue. [Print magazines are good lunch-time reading. On-line magazines not so much.] Perhaps I should switch my subscription.