I decided to skip it. I think the service is pretty good as long as you are actually interested in playing the games they give you monthly, but if you don't play them it's a waste of money.
Scheduled updates is something I think should of been free though but it isn't something I'm overly concerned with.
My biggest 'concern' is the same as with anything I buy on PSN. What happens when the PS3 is outdated and the PSN no longer supports it? Bye bye any PSN+ content?