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Lets see what you get for 50 dollars a year.

Closure 15 on PSN 8.5 Score IGN
Guardians of Middle Earth 15 on PSN 7.5 Score IGN
Ninja Gaiden Sigma Plus 36 on PSN 8.0 Score IGN
Quantum Conundrum 15 on PSN 8.0 Score IGN
Foosball 2012 PSV/PS3 8 on PSN 5.5 Score IGN
Darksiders 20 on PSN 8.0 Score IGN
Super Street Fighter 4 Arcade 30 on PSN 8.0 Score IGN
Megaman 9 and 10 15 on PSN 8.6, 8.5 Score IGN
Chronovolt 5 on PSN N/A Score IGN
Anomaly Warzone 10 on PSN 8.2 Score IGN
Retro City Rampage PS3/ PSV 15 on PSN 5.3 Score IGN
Payday the Heist 20 on PSN 7.5 Score IGN
Gravity Rush Vita 35 on PSN 7.5 Score IGN
Uncharted Golden Abyss 36 on PSN 8.5 Score IGN
Wipeout 2048 18 on PSN N/A Score IGN
King of Fighters XIII 30 on PSN 7.0 Score IGN
Infamous 2 20 on PSN 9.0 Score IGN
Ratchet and Clank All 4 One 20 on PSN 8.0 Score IGN
Little Big Planet 2 20 on PSN 9.0 Score IGN
Dungeon Defenders 15 on PSN 8.5 Score IGN

That is only $398 dollars in "game rentals" 15 months is one hell of rental length.

Add in a new game virtually every week two at the most and you are getting access to a full game for less than a dollar per game. That is right PS+ is cheaper than ITUNES and the games are better too.