I agree with those stating that this new model will help drive Playstation Plus subscriptions and that is a good thing. The truth is, Sony is holding off a lot of money-grabbing tactics in order to keep the consumer trust and brand loyalty they've only recently regained after the PS3 fiasco (I have one and I love it, but $600 for a machine that was not developer friendly is steep).
The next generation of games will cost more, newer streaming services will cost more, and putting so much in the box at launch (hdmi, headset, gddr5) for $399 won't really help Sony get a lot of money back. What will is games sold and whatever they can get back from those services, and I don't think we as consumers should expect that all to be free. Yes, we had it before, but if it's going to cannibalize the subscription model I can understand why Sony is forced to make this move.
Even though Sony has just begun to see profits this year, the only real successful part of their company is gaming. TVs are sinking, PC's are sucking and none of their phones/mp3/tablet devices have seen any real success like the competition. They've got to start making money of their investments if they don't want to completely go under.
I think I can spare $50 a year for a ton of free games, cloud services, cross game chat and the aforementioned multiplayer even if I'd prefer not to. In the end, that money will allow the services to be unified and more robust like with XBox Live (which no matter if you don't like paying for multiplayer is still a better network service on both performance and features than the current free PSN).