My opinion:
It IS a good deal if you are a new player that has not bought any expansions yet, and is playing characters currently below 50 on any server (legendary or regular live).
It MAY be a good deal if you don't want to pay for VIP after the year is up, as all quest packs will be retained and you can continue to level up to 120 without paying for any content.
It IS NOT a good deal, if you already own all expansions and plan to be VIP either way. You would be better off buying VIP for 1 year for $99, and then spending $99 in Lotro Points, purchase all the extra goodies.... or just get the specific goodies you find useful, and still have a buckload of LP left!
As I already own all expansions, and some of them have been pre-order, so all my characters already get a buckload of pre-order stuff, including 2 Crystals of Remembrance on each toon (bound of course), it doesn't seem worth it to me. I'll wait and see if a year sub to VIP ever goes on a good sale!
Moved from Riddermark to Arkenstone on 9/29/2015!
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Disclaimer: The definition of "Soon™" and "In The Near Future™" is based solely on SSG's interpretation of the words, and all similarities with dictionary definitions of the word "Soon™", "Near", and "Future" are purely coincidental and should not be interpreted as a time frame that will come to pass within a reasonable amount of time.