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It is definitly better than Xbox live gold, wich i always refused to pay for.
I am still not personally satisfied with it though, because you lose acess to all your free games after you stop paying. If there was a time frame or something, like subscribing to one year or two after a free game release, it becomes yours forever. This way all your gaming library that was free goes poof the moment you stop playing or the service stops existing.
I like to own my games. Still, alot better than greedy microsoft. At least it made me ponder getting it.