I personally don't mind the price increase itself (too much). After all, licensing costs increase and probably the salaries of translators increase as well.
That being said, the Readers Club is a completely different issue. First of all, because membership uses to give you two services, both access to prepubs and catchups, and now you effectively have to pay separately for each one. Also, catchups meant you always had something to read - you could catch up with a couple of new novels every month and then continue reading prepubs, and next month you had new catchups waiting for you.
I do like that the Readers Club means you don't need to rush, because everything there will stay there. That said, all novels that are fully available are completed series and seems that most of them are very short ones (avg 4-5 volumes total). Right now there are 51 fully available titles, and assuming you like about half of them enough to read all the way, you'd exhaust the catalog pretty quickly unless new titles are added frequently (yet to be seen).
And another issue is that the price increase was the coin value of books instead of the real money value of coins - effectively this means that existing coins that you've purchased or got through premium membership lose value and not just future purchases. The lack of proper advance notice means we did not even have time to use all the coins.we already had at their full value.
Personally I'm not too sure how to proceed. $40 annual increase for what I had until last month is pretty steep.