Playstation Plus announced [Updated]

For a long time, a premium PSN service has been rumored, but no Jack Tretton has announced it officially.
Playstation Plus will cost $49.99 for a year, or $17.99 for 3 months, and will grant you access to free minis, games and services. It will go live later this month and will offer a lot of things for your money.
Also, Playstaion will be giving you 3 free months as a promotion. So Playstaion Plus will give you a subscription-style gaming system, where they will cater to you with demos, games and other downloads, but it won't effect the Playstation Network enough to make the current services any worse.
That's right, everything that is currently on Playstation 3 will remain free, so if you don't want Playstation Plus, you don't have to have it, and all of your Playstation Home access, PSN access, store access and game access will not change.
$49.99 translates to roughly £34 and $17.99 translates roughly to £12, so it looks like this could be a great deal, offering hundreds of dollars worth of content every year for half the price.
We don't have any news on a European release date or pricing, but we'll keep you informed.
[update] Some details have been explaned.
Playstation Plus will be available to purchase from the 29th June, no European price has been mentioned yet. There are 3 main services available from the start, these are:
Games
There will be at least 4 games every month available for download at no extra cost, these can include minis, PS1 classics and PSN games. Also, premium avatars and dynamic themes will be available, many of them being exclusive to members. Members will also get discounts off PSN games and early access to some beta trials and demos.
Full game trials
As a member, you will be able to play hour long sessions of a game in order to test it and see if you want to buy it, rent it or avoid it. You can also play online in these sessions and earn trophies!
Automatic downloads
This is a service which automatically downloads demos, updates games and downloads firmware updates. It works by setting a time and date, then your PS3 will turn on and download the things you want, ready for you when you want it.
So those are the features available,and if you sign up before August 3rd, you will receive LittlBigPlanet PSP (not specified) for free, most likely as a digital download.
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