I was a member of RWA for about 10 years, 1994-2005. It was GREAT back then, since RWA was a primo place to learn about how the publishing business really worked. Much of that information is now available at places like AW, however RWA does focus on specifically Romance publishers rather than the general state of publishing which does make a difference.
RWA has standard contracts available (with explanation of what's good and bad) from most, if not all, recognized publishing houses and, IIRC, has a service to explain whatever contract you might get to you. RWA also has a lawyer on retainer, a full-time office staff (BOD is volunteer, but the day-to-day business is these people's jobs) and, last I checked, will help you out if you get in a pinch with your agent or editor.
Twice a year, in the monthly newsletter (RWR--Romance Writers Report), RWA publishes a complete list of ALL RWA-recognized publishers (print & e/small press) and ALL agents who accept Romance of any subgenre. Editors, current contact info, and what they're actively looking for. That alone was worth the cost of membership to me, honestly. Monthly updates are published every newsletter as well.
There are several lists that allow you to network online. Networking is probably the #1 benefit that most Romance writers get from belonging to RWA. I've had lunch with Nora Roberts and beta-read for Laura Kinsale, not to mention tons of other people I've corresponded with over the years. The tales of great friendships started within the scope of RWA are commonplace.
RWA does have its challenges--any group of such size and such passion will, afterall. Some of them have left my mouth hanging in amazement, but for the most part I never thought I'd wasted my money any year I paid dues.
I rarely belonged to chapters, FWIW. For a while, I belonged to the local face-to-face group and belonged to a couple of the on-line chapters. Demands on my time forced me to drop out of both groups, so there wasn't any trauma associated there.
RWA contests are a primo way to get around the slush piles to an agent & editor, FWIW. Many RWA conferences (local & national) have pitch sessions at little or no cost to RWA members.
I'd highly suggest you know what it is you want out of the group and if it's anything more than getting a monthly newsletter, realize that you'll only get out of the group what you put into it.
The only reason I didn't renew was because my writing moved out of Genre Romance and into Dark Fantasy, FWIW. Though if any of the few Romance projects I still have out and about sell, I'll be rejoining in a heartbeat.