I'm a huge proponent of scouting and the very proud mother of an Eagle Scout who is also a member of the Order of the Arrow (the boy scout honor society). I also used to be a den mother and the cub master for our area, and did leader training. If a pack and den are run well, cub scouts can be a really fun and highly rewarding experience. Conducted properly, the scouting program is designed to encourage curiosity and experimentation with unfamiliar activities, develop important skills in citizenship, ethics, social responsibility, personal responsibility, respect, tolerance, environmentalism, and self-sufficiency but accomplished in the spirit of fun. There is so much more to scouting than earning badges and medals, but they do serve as great external incentives for the youngsters.
Den meetings are for the boys, but pack meetings should be family oriented. We always ran a monthly song and dance "show." The monthly events included events like pinewood derbies (boy-made little racing cars) and space derbies (boy made wind-up propelled "rocket" ships), raingutter regatas (little sailboats powered by blowing on them), a mini-science fair with outside demonstrations, animal experiences (we had a woman come to show and teach about bats once -- a huge success!), and family relay-type races built around a theme, but we also had family-participatory service projects, like food, toy, and clothing drives, volunteering at a local soup kitchen, etc. Of course, we camped several times during the summer and I encouraged as many families as possible to come to camp (boys can't go with just a leader until age 10), where the boys learned to swim, kayak, shoot archery and BB guns, learn important survival skills, like how to build a fire and recognize poisonous plants, build crazy crafts, etc. Siblings and parents could join in on pretty much all of the fun if they chose, or not. A highlight of the year for our pack was it's annual night hike with a few "surprises" along the way.
The fun REALLY starts though in Boy Scouts. Families take a back seat at this point, and the boy learns to function as a disciplined member of a team, and he must earn the troop's respect and that of it's leadership. Boys do more community service and camping trips are lead by the leaders, with minimal parent participation, except as needed for additional chaperones. The emphasis of Boy Scouts is on personal growth and development of leadership skills, the final "test" of which is the Eagle project, which the boy must develop, organize, fund raise, and manage on his own. It teaches the value of tenacity, hard work, respect for others, and personal achievement. A large number of CEOs, religious leaders and political leaders achieved the Eagle Scout rank and attribute their success to the skills they learned in scouting.
From my personal experience, no matter how surly or difficult my son was as a teenager, he was another person when he put on his scouting uniform. Now at 21, he is persevering despite substantial personal challenges (he has Crohn's Disease) and is more responsible than most young men his age. And of course, I never have to worry about him in the event of severe storm situations, a natural disaster, etc. He's trained in first aid and outdoor survival skills, and knows how to apply those skills. I actually credit him with saving my life when I was in danger of drowning at a water park (long story -- I'm not going into it here).
So yes, the time and money (which is a lot less than most other activities!) is well worth it, in my opinion!