Pretty lame even if it doesn't personally bother me since I don't play much multiplayer. How will it work for all the free to play games? Do you stick on a big fat asterisk "requires $50 yearly subsciption"?
On the bright side, there were no hints that Sony will charge to use media apps like Netflix. Other than the standard PS+ perks, only online play was added. Of course, this could also mean that there will be another 'tier' when the Gaikai/cloud streaming is ready in 2014. Slippery slope.
The other worrying aspect of nu-PS+ is the "Driveclub PS+ Edition." Rampant speculation, but instead of free retail games on the service, we might see these paired down enhanced demos/shareware versions of games on the service. We'll see.