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I am literally just about to sign up for this. Gonna make use of some of the discounted PSP games to add to my permanent collection.

Glad I read the T&C's though, just noted at point 13:

"13. At the end of your 30 day trial, if you do not take any action, your subscription will automatically renew to a 90 day paid membership in accordance with the Sony Computer Entertainment Europe Ltd Terms of Service and User Agreement and you will be charged €14.99 from funds in your SEN wallet. If your SEN wallet does not have sufficient funds the remaining balance will be automatically transferred from your connected credit card to your SEN wallet which will be charged for the remaining balance."

So yeah. Make sure you cancel it before it's over.