My first order with Brownells after I got my C&R came to about $300. I added up what the cost of all the stuff I bought would have been had I not had a C&R, and I found that I would have paid roughly $430 for the same things. Granted, I may not have bought a few of those things if I didn't have the discount, but even so, it more than paid for itself in just one order.
I've had 2 C&R rifles shipped to me, which is nice I guess, and I'm sure I'll buy some more one of these days. However, I use it mostly for the discounts from Brownells and Midway. Personally, I'd still probably get a C&R even if I lived in New Jersey. Even though you can't have them shipped to you, you could buy C&R handguns in other states (possibly, I'm not familiar with NJ law).
In my opinion, a C&R license has many advantages, and few (if any) disadvantages.