I would keep it. My wife and I have had it for four years now, though for 3 of those years we were able to use her .edu email address to get the $49/year Amazon Student option (which is exactly the same as regular prime). It's paid for itself a few times over now - where we live, there aren't too many shopping options other than grocery stores within a few miles of us, so getting other stuff can be a pain if it has to be purchased at the store. This, coupled with the very tidy discounts you can find on essentials, and it makes it a no-brainer for us.
Case-in-point: We're visiting friends who are expecting and are bringing a few gifts (the same gifts we give at all baby showers - cloth diapers, white onesies, and a few other esentials). We were at target and a pack of 5 infant white onesies was $10.99 in the store. I pulled out my phone and scanned the barcode with the Amazon app (you can do that for easy comparison shopping!). $8.99 for the exact same pack.
When our son was on formula, we were able to buy a value pack of formula for 40% less than buying the same formula at the grocery store.
We needed a rocking chair when our son was a few weeks old, and I wanted a glider rocker that reclines so that we could sleep in it. The ones at babies R us, buy buy baby, etc. are all pieces of junk. We got a beautiful model for less than the top of the line one at the big stores, shipped right to our front door at no cost. We used it every single day for hours those first few months and it's still in fantastic condition. The others would have been trashed by now.
I was able to snag a pack of 6 LED lights for around $8 once. Those have paid for themselves.
But I think the biggest thing, by far, is the ability to order obscure or difficult to find items with ease. The lights went out in our microwave and none of the local stores carried the bulb we needed. I was able to get a pair of LED bulbs for the undermount lights for dirt cheap.
Sorry for the rambling. I also like the free paid Android apps they offer, the videos, the music, etc....
Worth every penny
Oh, did I mention the Amazon Chase Visa? 5% off everything? $70 sign up bonus?