I've got to agree with the OP. I've been saying similar things in other PSN+ threads. I think the service as it stands is nothing more than the "PSN Store Price Club"
We all know by now what you get. The debate will rage on about whether PSN+ is worth it or not. Personally it's currently not worth it to me though that could obviously change. I could see the service being valuable to someone who spends a lot of money on content from the PSN Store anyway. If you're like me and buy the games you want anyway, then there is less value. It remains to be seen if Sony is going to discount new games or include new(er) titles in their freebie download.
The main problem is that the service lacks a major "hook" or reason for people to look at the service and say, "it's a no brainer"! We get discounts and a random PS1 game (not a very good one at that) and a game that released in 2008 (Wipeout HD)... okay where are the major new features? Netflix integrated into the XMB as the OP suggested would be AWESOME. Cross-game voice chat would be great! Or how about a free rental from the video store to sweeten the deal?
Just seems that the service is currently lacking. I think it will evolve over time and get better. Atm, not worth it to me.