If the PS Plus continues to involve free and discounted titles (discounted compared to the competition) as well as all of the current additional content, and the (now pay to use) multiplayer infrastructure runs smoothly, I have no problem with $5 per month.
Originally, before details emerged, I had planned to buy both the XBone and the PS4. The main reasons I didn't already own a 360 (which I kind of wanted to play with my non PS using friends) were the lack of enough exclusive content on either side to justify the purchase, and the impending new generation making a 360 obsolete in too short a time to make the purchase worth it. I kept telling my friends that I was just going to wait until the new generation came out and buy both.
After seeing Microsoft's pitch and it's (what I consider) negatives; needing to connect at least once every 24 hours, on-console DRM, Kinect being a core part of use, more of an emphasis on being a media hub than a game system, paid online usage (not as much of a problem on its own), then seeing what Sony had to offer on the PS4, I now have zero intention to buy an XBone.
Being a potential two console owner, the ability to take a poke at the used games market would be even more of a lure as there would be even more titles that I would either A) not want to buy at full retail due to either the overall cost or the questionable quality of the game or B) Games that I would end up getting for both and would thus buy one used and have to buy an after the fact online pass for to play online with my friends on other consoles. As I have more friends on PS, that would likely be the full priced purchase.
Microsoft threw a monkey wrench in that, sure enough and guaranteed my purchasing of the PS4 alone.
After seeing BF4's multiplayer footage (along with the 64 player multiplayer on consoles at 60fps) and the announcement of DICE working on a Frostbite 3 based Star Wars Battlefront, I haven't been this excited for a game/console release in over a decade.