[ravenranter]

Go for it! Dumping a gym membership is the way to go unless you find that it is more motivating to work out in a gym environment. I think there are more cons than pros in having a gym membership: Most cardio rooms look like rooms full of hamsters on wheels in peak hours, have an endless supply of germs, equipment that takes serious abuse and sometimes suffer from serious neglect. In addition to that, you can save 45-60 min. by avoiding driving, waiting turns during peak hours and packing enough stuff in a gym bag to stun an ox.
I prefer an elliptical trainer over a treadmill; it feels better on your knees and they tend to not be able to fill with grit/sand the way a treadmill can, leading to wear on the belt and motor. I would also recommend not buying a used treadmill/elliptical from a gym. Equipment has a weight limit and I wish I had a nickel for every time I saw people that were well over the weight limit pounding away on it and the equipment racks up a lot of mileage in constant use in a gym environment. Purchasing from a private sale can avoid most or all of the above.
Good luck to you!