Playstation Plus Explained

What's the price:

• £11.99,  €14.99 - 90 days (3 months)
• £39.99,  €49.99 - 1 year

Where can i get this?:

• It will be available from the PSN Store exactly like the way First Play is purchased.

What do it get?:

Free Games

• 1 PSN Game
• 1 PS1 Classic
• 2 PSP Minis

You will receieve 4 pre-selected games per month, but this is not always the case has sometimes you can receive more then this but this changes from time to time.

Free Game Trials

You can try out Full Retail Games (Blu-Ray Disc) or PSN Games for free for 1 hour and do anything you  would normally do if you had actually bought the game such as Play online with or against friends or just play the singplayer.

Automatic Downloading 

With PSN + you PS3 will search through your game library and look for updates (patches) for your games and then download them with out having to pop the disc in for each and every game. (as they are available) This even works with PS3 Firmware updates so you never need to lift a finger.

Also you can schedule what time you want you PS3 to update if any ones are available so it never has to get in the way of say watching a blu-ray movie or streaming content to your PS3.

Wait, there's more

Not only all of the above but you also recieve premium avatars and dynamic themes each month, many of which are exclusive to PSN + members.

There will also be discounts available on loads of PlayStation Store content, just for PSN +  members, so make the most of them as thay will change each month.

Finally wherever possible we’ll be making sure that PSN + members are included in some selected demos and beta trials before they go live to the public so you can brag to your mates.

When can i get this?:

• Its be avilable from the PSN Store now. 

What Countries will it be in?:

• It will launch in all SCEE controlled Countries with the exception of Russia and Turkey. 

What will i lose if my subscription stops?

The only things you will lose are the 4 games you recieve each month and obviously the auto-downloading and free game trials. Content such as Premium Avatars, Themes, Discounts or Exclusive Game Add-ons you got when you where a member will be yours to keep.

this info came from the Eu Playstation forums all credit to the original poster.