Red Dead Remption will be the PlayStation Plus game of the month in September. That's an awful lot of game for absolutely nothing (with your subscription, of course) and it's a welcome member of the Instant Game Colleciton first show off by Sony at E3. If this announcement has sufficiently excited you, it gets better.
For much of the month of September, PlayStation Plus will be available in Europe at a 25% discount, so not only do you get a fantastic set of games at no extra cost, but it will also be significantly cheaper than it has been as well. You'd probably be hard pushed to find a new copy of Red Dead Redemption at such a competitive price, and that's not mentioning the new set of games each month either.
On top of that, cloud save storage space is increasing from 250MBs to 1GB. A cloud save size increase has been a major request for some time, so it's nice to see that Sony have been paying attention to the consume.
AND if that wasn't enough: the Plus segment was left on quite a tease. PlayStation Plus will be coming to PlayStation Vita in the coming months. More information will be announced as we get closer to the portable launch of the service.
All in all, I think it's fair to say it's a good time to be a Plus subscriber.