I'm a bit confused. Your title mentions PSNow, but you ask about PS+ in your message.
PS+ is the paid level of the PS network. It brings things like cloud saves, beta access, special sales, automatic updates, ps4 online multiplayer, and 2 games per month each to the PS3, PS4, and Vita. Costs $50 a year. IMO it's one of the better deals in gaming today, especially if you own more than one of the systems they give away games for.
PSNow is an upcoming game streaming service currently in beta. As it stands it is set to deliver a selection of PS3 games to the PS3, PS4, and Vita by streaming them to your console, similar to the OnLive service (if you remember that one). Eventually they plan to support the service not only on those Sony platforms, but also on smartphones, tablets, and some Sony smart TVs. They have only mentioned plans thus far to deliver PS3 games. Right now they are playing around with different rental prices and periods, though final pricing will be determined by each participating publisher. Sony has also promised a flat fee option to access at least a sub section of available titles. While the technology behind it is pretty good, you're going to deal with bandwith limitations and inherent lag, so there are downsides and certain genres probably wouldn't be enjoyable. To me, this is a very niche product at best.
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