As pointed out Sony said the current functionality stays free.
Having to subscribe to play online as well as needing my online gaming buddies to subscribe (a la XBox) would be quite a pain.
In general I think the PSN is much better not only because of the above, but with many top games providing lag free online gaming while usually supporting many more simultaneously online gamers as well. Online distributed PSN games are IMO also better, like Warhawk, Super Stardust HD, WipeOut HD, etc. Also some pretty unique stuff like LittleBigPlanet user created content and actually I prefer the old XBox interface. The PS3 also is much better for watching video/music.
The PSN is already supporting realtime video chat, ingame chat, message notifications, etc. And Playstation Home is also nice and free for having a gaming party if you want.
The Party chat feature as being hyped by XBox 360 fans seems pretty useless to myself. I could use my laptop for that, but I am not interested in realtime chatting with people who are busy doing something entirely else than I am. I'm not going to subscribe for that.
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