This deal is not bad by itself; you will get two for $3.98.
But the deal gets better depending on what FETCH individual offers you have.
And if you also have the FETCH $2 WYS $15 Frito-Lay offer, you should earn that $2 by completing this offer along with the Lay's Potato Chips Offer for 92¢ Or Less offer posted by @PT00
Also, if you use Pepsi Tasty Rewards, there is a 50¢ PQ there that should get you an additional $1 off.
EDIT: The stupid Pepsi Tasty rewards website would not print the coupons, but I did use one of the $2 mailed MQ (WYB 2 Doritos+ Pepsi) WM has Pepsi Wild Cherry 2-liter for $1.36
So in my case, completing both the Lay's and Dorito's deal,:
Some of you will have better FETCH deals than I. And I also have a Ruffles FETCH deal, but I don't want Ruffles.
So check your FETCH offers, and see what deal works out best for you.
I have all of those but I find fetch cumbersome to use especially when it comes to recording my email purchases and I always forget to check my Pepsi rewards.... Guess being "lazy", I lost on the total deal.
Updated original post to reflect actual completed transaction using different coupon.
Yes. You sign up with them and each month they send you a link to new coupons
There are usually 6 you can print (2 copies), and then there are usually around 15 other non-printable ones. You choose 12 and they mail them in a few weeks.