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Official site for US: http://us.playstation.com/psn/playstationplus

1 Year = $49.99
3 Months = $17.99

The additional free 3 months is only to buy the 1 year plan... so 1 year and 3 months for $49.99.

Features:

* Full Game Trial
* Automatic Downloads
* PS Store Discounts
* Exclusive Offers
* Free Games & Downloads
* Select Early Demos
* Priority Beta Invitations
* PLUS MUCH MORE!

I buy one PSN per month and I expend much more than $49.99... so this 1 year plan is a bit cheaper for me, especially the  PS Store Discounts and Free Games & Downloads.