The cloud saves seem nice but the fact you only "own" your games as long as you pay for the service and you lose them as soon as you stop paying for the service is a deal breaker for me.
Remember that's only for games that are free as part of the subscription. Any games that you buy using a PS+ discount or sale (like me buying Hot Shots Golf for $9) are yours permanently.
And honestly I only consider the "free" thing an issue because you can't buy a game you got for free unless the subscription lapses, not unless you go for two accounts and I'd rather actually OWN the stuff under one account (nevermind when a free game is delisted then given a good Plus sale.) If I could still buy the games in case I wanted more permanent ownership then there'd be no problems at all.
Yeah, it's really not an issue for me. I don't plan on unsubbing, and even if I did, odds are good I'd have already finishing anything I want to play anyway. I love PS+, personally. I bought a Vita and within a day I had access to almost 15 games.