I guess that is, after "cleaning up" by removing a lot of ghost accounts. There was a point during Armor Games v2.0 that there were more than that, but most of them were made just for some one time questions or experiences and abandoned.
Honestly @akshobhya... I wouldn't know the exact number of users/members. There's indeed the factor of ghost accounts that @Doombreed mentioned to account for. A lot of users made several accounts at once in the past to play multiplayer games or simply post and/or rate a game once and then disgarding this account right after that. Not to mention those that have an account to play and use online saving, but never posting/commenting/rating...