cogadh: This is only true of the instant game collection. Anything you actually buy under the PS+ special sales is your to keep, even if you cancel the subscription.
Chuck_Finley: I've never seen this question adressed but are you allowed to buyout any of the games you have in your instant game collection so their not tied to the PS+ ?
Yup, but they are usually at full price, no special PS+ discount. It is best to wait to buy them until they are out of the instant game collection (the selection changes regularly), then they often get a PS+ discount.
Tarun: Excellent.. Thank you for this info this makes it worth looking into PS+.. Still would be great to find a cheaper online store.. I will keep looking and if I find something.. I will post here
For the price of one new game you get a library of about 18 games that constantly changes (games rotate in and out monthly) with timed full game demos of most major titles, one membership covers PS3 and Vita together (if you've got a Vita), plus great discounts on additional games. Totally worth the investment, IMO.