I hate it when people use the word "free" when applying it to something that is clearly being paid for whether directly or indirectly (I'm looking at you national healthcare). In the case of Playstation Plus, you are not given "free" games to download as you are still paying for the Plus membership which is required to download the games in the first place. Also, I believe you can not play those "free" games if you do not continue to pay for your Plus membership.
Essentially, you are paying for a game rental plan where you don't get to choose the games. What value does that service have to me if I don't care for the games being offered? The example of Hitman:Absolution, a mediocre and watered down entry in the series, and Catherine, a frustrating mess of an anime with a block puzzle game tacked on to it, don't appeal to me in the slightest.
Xbox Gold and Plus both offer discounts so that equals out. I have never heard of anyone using the cloud storage on either system before so moving on... the full game trials are kind of nice... However, most games get demos though which amount to maybe a half hour to hour of gameplay so that is all that is really needed to get a feel for a game.
Let's not forget that Live does offer cross game chat which not even Plus can give to PSN users. Don't tell me it is not a useful feature ... why would Sony bother putting it on the Vita while also offering it on the PS4 (I think that was confirmed) if it is so useless?
My honest opinion is that both services are very unecessary. In fact, I would love to live in a world where Xbox Live Gold and Playstation Plus were not trying to nickle and dime me at every turn (I never had this annoyance back on PC with the exception of MMOs ... which have all moved to F2P at this point). In terms of practicality, however, Xbox Live Gold is a required service that virtually every Xbox owner should have while Plus is an entirely optional (and really not worth it at the end of the day) service that only a select few gamers should be interested in (if you are willing to play whatever games Sony decides to toss to you each month).
I hope that both Microsoft and Sony get their acts together next gen. If they have to nickle and dime us then at least give us something vaguely useful for our trouble.