... I discovered that there's no monthly subscription plan, at least for the first year.
No, they're not engaging in false advertising. They don't try to hide it. In fact, they mention it prominently during the signup process.
They do have a monthly PAYMENT plan, but "[e]ach Subscription has an initial, non-cancelable term of one year, subject to certain limited exceptions set forth in the Subscription Rules."
The number of "limited exceptions" seems to be one, and that is "if you are unable to use your Subscription for three consecutive months as a result of a medical condition."
Moving to an area not convenient to any Regal theaters? Too bad, pay up. [Note: That happens to be a distinct possibility in my case, something I may do a blog post on soon]
Theaters remain open but for whatever reason there just aren't enough releases in the genres you prefer to justify going to the theater the 1.x times per month that would make the subscription a savings? Too bad, pay up.
So for the first year, anyway, it's not a monthly subscription, it's an annual subscription being paid for in 12 installments.
If it was month-to-month, I'd have been signed up as of a few minutes ago.
If it was just, say, a three-month commitment, I'd probably have pulled the trigger.
But I'm not sure I want to commit to $276, even if I get to pay it in installments, and even though Regal's sole remedy for non-payment seems to be canceling the deal from their end.
I may reconsider after taking a look at the year's anticipated movie release schedule and deciding whether I trust that schedule (remember, Dune and Black Widow and the new James Bond flick have been delayed multiple times already). But given both that uncertainty and the ability to rent most new releases and have my whole family watch from home for less than the price of two tickets, I doubt that my decision will change.