I'm in the same boat, not impressed at all with the slow pace of new theme releases. I actually signed up last year as a club member, and didn't realize that I had agreed to an annual billing via PayPal when I signed up originally. After a few months of waiting on new themes, I moved on. Then a few months ago my PayPal account got hit for the annual fee. Another $99 wasted.
To point out their slow pace, they released HelloSixty in Feb 2011 - 16 months ago. Since then, they have released no more than 9 themes. Based on what we are sold, there should be 32 new themes since then. I have a feeling that they consider the iPhone and Magento Go versions of the theme as separate themes when claiming to offer 2 new themes a month, but even by that count they are short by a third.
On the positive side, at least they do offer some new themes here. I signed up for wizardthemes.com theme club earlier this year, only to find that none of their themes worked with Magento 1.5, let alone the newer builds, and that they hadn't added a new theme in almost 8 months at the time I signed up.
My suggestion is to send a polite but stern email to the admins requesting a refund. Also ensure you remember to cancel the PayPal billing agreement that is in place when you originally paid for the annual membership.