This study presents and analyzes the findings of a 2012 survey of member libraries belonging to the Association of Research Libraries (ARL) about publishers' large journal bundles and compares the results to earlier surveys. The data illuminate five research questions: market penetration, journal bundle construction, collection format shifts, pricing models, and license terms. The structure of the product is still immature, particularly in defining content and developing sustainable pricing models. The typical "bundle" is something less than the full publisher's list. Neither market studies nor market forces have produced a sustainable new strategy for pricing and selling e-journals. Finally, the data reveal a complex history of managing license terms.