I just joined Ipsy last month and got my first bag a week ago. What first attracted me was that it was only $10 a month and came with a bag. I wasn't interested in the August bag, so waited for a little while and then signed up.
I didn't special request any item (though you can from one of the spoiler lists,) but I hoped to get the Tarte Light, Camera, Lashes mascara and Smashbox radiance primer. I got both in my first bag!
The September bag was classy, and I plan to eventually use the bags I get for small complete makeup kits (so I can just grab one and go for traveling.)
In addition to the Tarte Mascara and Smashbox primer, I received some Elizabeth Mott eyeshadow in toasted, Pixie blush in a peachy duo, and two MANEFIT masks. I thought it was nice to get a mix of things I knew I would use and things to try out.
Both the eyeshadow and blush ended up working out great. The eyeshadow, especially, was long-lasting and had a wonderful consistency and pigment to it.
I'd estimate the value of the bag (minus the neat bag itself) to be around $35. From what I understand from other reviews I have seen online, that's actually the low end for an Ipsy bag. However, a great value for $10 and I liked the mix of things which I received.
I'll see how I like it month to month, but for now, I would say it was a good first impression, and I definitely would recommend it to anyone looking to build up a stash or try new things without needing to pay a lot in a store.
Bottom Line: Yes, I would recommend this to a friend