It is gamepass and xcolud in one.
It has the option to stream as well as download (PS4 games only) games to your system.
With nearly 800 games and $15 a month, its a great value. Also the yearly package is only $100 , and that makes it less than $10 a month.
I just dont get why people are writing off PS Now. Probably due to Sony not trying to make a big deal out of streaming, unlike its competitors.
I think people are writing PS Now off because it doesn't have current games. In that sense, it's not like Gamepass or (presumably) XCloud at all. It is not competing in the same space as the new streaming services. At least, that's why I'm not interested in it.