I went for the free trial as I expect most of you have done - if not I recommend you jump to it. The website (and to a lesser extent the PS3 browser too) is excellent. Creating your rental list is easy and fun, doddle to find things you didn't know you needed to see - like I just watched the pictured film Moon, a very lonely guy running a power station on the moon has a rather eventful ending to his 3 year posting. Not everyones cup of tea but I loved it, very 'Silent Running' in tone, tasty modern retro styling too.
The films available for streaming are quite limited, some stuff comes and goes from the package inclusive streaming, if you miss it then it's usually still available if you pay per title - some chance, noone would go for that surely? Just add the disc to the rental list. I like the Blu Ray quality and would opt for that every time - streaming is nice and even, but sub DVD quality by quite a mark.
I'm on the £9.99 unlimited films + streaming, one disc at a time. I'm only watching 4-5 per month, so I'm changing to £10.20 4 titles + 4 hrs streaming/month, 2 at a time with games. You can manage multiple lists and distrib your 'at a time' quota between them, so I can have a game list and have one of them at a time, family movies on the other. Nice, I'm going to use this for these games I'm missing out on.
I've reduced my Virgin V+ HD cable telly package down a notch, saving I think £8/month, I may go further in the future and can it altogether, if I can be bothered to organise freeview HD. Lovefilm is better.