This is the same company that bought up the OnLive game streaming service a couple years back just to announce they would be shutting it down at the end of that month. Sony bought OnLive just for their patents, and to get rid of a potential competitor, and anyone with games on the platform lost access to them.
This service is utterly stupid; it was meant for people to be able to play on superior hardware via inferior hardware, but they have got it completely backwards because it only lets people play on inferior hardware via superior hardware. In that case, it would be smarter to just recompile and play natively. Serious waste of internet bandwidth!
I tried PS now out on my ps4 when they had a free trial. It ran surprisingly smooth. I didn't keep it even though I had a Xbox 360 last gen. And I haven't played some of the ps3 exclusives. The reason being is that the best ones are getting remasters, and I can't see my self paying that much to play older games that I can get for $5 or less at the local flea market. I got my son an Xbox one and I have to say that I am happy the I chose the ps4 at launch because to me it is a smother and easier device to navigate on. The Xbox one makes me feel old (28) because I get confused trying to navigate the UI that's just me though. But decisions like this and the mid gen consoles help to make me feel happy with me deciding to go back to gaming on the PC.
Sony stop up dating the ps3 blue ray firmware a long time ago, which is why I had to go out and by a new blue ray player last year. I found the ps3 was unable to play some of the newest blue ray movies on the market.
Tried Psnow last year for the free 7 day trial, Sony's games ran great but some third party titles like Dead Island Riptide ran terribly on the service. As Dead Island Riptide on Psnow had such an unstable frame rate I just went out and bought the game on disc, so my experience left me being aware that not all games offered run well on the service even if you have a good internet speed. On top of that most of the games available during the free 7 day trial I all ready owned making the service useless to me.
For less than a year's subscription cost to Playstation Now ($180), you can walk into any GameStop and get a PS3 refurb and a substantial portion of the games offered by the service, as well as numerous other PS3 games now going for as little as $5 there. (PS3 refurbs start at $40.) The games will all play perfectly regardless of your internet connection. You'll also have the option to buy numerous PSN games that have no disc version nor appear on Playstation now.
I'm just not seeing the value proposition, unless you are simultaneously insensitive to expense yet have very limited space in your home.
As for the Vita, I'd buy another 64GB memory card right now if a good price came along. Still a ton of content I expect to acquire and I like to keep it all immediately available.