Gamefly is currently $15.95 for a one game a month service, though you could get a 10 day trial for free, one a deal for $7.95 for the first month. But what I did was act like I was going to cancel after my first month, and they said they'd offer a free month if I stood. So I did that with both of my accounts and ended up getting a month of free service.
But yeah, $15.95 is not as expensive as $60, considering you an play more games for less. Imagine you rented 3 games in a month for just $16 as opposed to if you paid for every game you played, that'd be really expensive. But then again, it also comes down to how often you would rent and how much time you can put into playing before you decide its time to move on.