I have been a member of the Project Management Institute (PMI) since January of 2001. I have served as a officer in the local chapter since 2002 including a term as president.
I am among many members that see that PMI is making some bad choices. The leadership has become focused on survival rather than the interests of the members. This is very common among non profit organizations, as exemplified by the actions of such organizations as the American Red Cross, Habitat for Humanity, and the American Cancer Society. The leadership begins to think that the increase in donations is due to their work rather than the generosity of donors and the hours of time contributed by volunteers.
If you consider the services that Project Managers really want, it does not take deep analysis to figure out that PMI is not providing those services. Filling the void is pmforum.org. This website is run by PMI Fellow David Pells. Time will tell, but it looks like more and more project managers will find what they need in such alternatives.