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sensebringer said:
How does PS+ works?

when you subscribe you can access the games that are available for "free" at this time ("instant game collection") and there will be new offerings every month, still you can use (and redownload if needed) all the "free" games you ever got from ps+ aslong as you are subscribed

if your subscription ends you can't play these games anymore but if you resubscribe all of them are playable again

anything you spent some of your own money on (ps+ discounts) is yours to keep, all that content can still be accessed if you are not subscribed

additionally there is 2GB (1GB for PS3 and Vita each) cloud space for games saves and some other stuff

a warning if you plan to subscribe for 3 month and want to let it run out afterwards - normally PS+ is set to automatically extend the subscription if you have enough money in your psn wallet or stored your credit card data on psn, but afaik you can set it to not do that