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It may be worth it for those who buy games on PSN frequently if the discounts are decent.  Between that and the beta access, I may jump in.  If they ever add in cloud storage for your saves, it's a definite buy.

I like how they're making the service content-centric.  I disagree with making automatic downloads (or any other feature inherent to the OS) an exclusive feature, and I think it screws people over while not providing an enticing reason to get the service.  I'm glad that it is the only feature thus far that is exclusive to the service.

I like the fact that they specify that cross game chat is not part of the service.  It's a good sign.  We know it once was originally planned to be, so this implies that they are guaging demand for the service before deciding whether to add CGVC as an exclusive feature or not.  If demand for the service is initially high, they'll hopefully make the feature free for all, and if they do decide to make it an exclusive feature after a certain point in time, hopefully it won't greatly affect the total number of subscriptions, thus convincing them that making it exclusive was pointless thus they'll make it free anyhow.