It's hard to remember before pre-cuts, but I do remember when Fat Quarters were new and there were many clubs available.
I've never had any problems buying fabric on my own, but I have known people who have gotten subscription fabrics. It seems to work best for people who are collecting very specific types of fabric, so batik, or 30s, or civil war, or "Asian" or civil war or what have you.
If I had more funds at my disposal, I might very well sign up for something like bi-monthly or quarterly just to get surprise packages in the mail (I would forget that I signed up by the time they arrived). The best days are when fabric arrives! (we used to call the packages "squishies" back in my pre-Y2K swapping days...)