I tried RedOctane. I loved the idea but so many titles were on "Long Wait" with the majority of the rest on "Short Wait." Old or some unpopular ones were on "Available Now." I also loved the fact that they had imports, because I wanted FFX2. However, that's not on their list.
I found out about GameFly and they offered a 10-day free trial. Well, almost all of their titles were readily available. I've decided to stick with them. It's as simple as this:
RedOctane Pros$18.95 per month
RedOctane ConsMost games not readily available
Imports available for PS2
PS1 & Dreamcast games
GameFly ProsAlmost all games readily available
GameFly Cons$21.95 per month
No imports
No PS1 or Dreamcast games
That's the jist of any comparison between the two. As far as turnaround time, I think RedOctane is a little faster, but it's too early for me to tell. But here's why I chose GameFly: The whole point of joining up is to HAVE the games. I didn't see any imports I liked and I'm not really into DC or PS1 games anymore. But Gamefly had Grandia XTreme for PS2, which RedOctane did not. Well, if I've gotta pay $2 more a month but it means I get the games I want, I'm fine with it. I mean, here is a list of games I had in my Queue for RedOctane (before I ended my subscription with them) as compared to the same list at Gamefly:

This is RedOctane

And here is the same list the same day at GameFly.
Need I say more?