IGN has a list of details here:

Sony has announced the first details for PlayStation Plus, a subscription-based model for PlayStation Network set to launch on June 29 in all territories.

As revealed at E3, all the current features available for free on PlayStation Network will remain free. A one-year subscription will cost $49.99. Additionally, a three-month package is available for $17.99.

At launch, subscribers will get Wipeout HD, PSP minis, and PS One Classics, such as Fieldrunners, Age of Zombies and Rally Cross. A full game trial of Infamous, and free monthly episodes of Qore are also available.

Any free game you download will remain yours as long as you are a PlayStation Plus subscriber.

"If your subscription lapses and then you re-subscribe, the games you have already downloaded will reactivate, so you still have access to them," Sony says.

"Additionally, if you delete one of the titles from your PS3, but decide you want to get it back, then you can re-download from the PlayStation Plus section of the PSN Store if the game is still there, or, if the game has expired from the PlayStation Plus section of the PSN Store, you can simply search for it on PS Store and download it again at no extra cost."

Sony has outlined additional PlayStation Plus subscriber info:

- Free monthly PSN games, minis and PS One Classics from the PSN Store. Sony has not specified what games and how many will be available each month.

- Exclusive dynamic themes, premium avatars and premium game elements/add-ons.

- PlayStation Store discounts ranging from 20% to 50% off.

- Select demos and beta trials before they go live to everyone else.

PlayStation Plus members can also try full game titles before buying them. Each trail will typically last an hour before you must choose to purchase the game. Any progress you made in the trial period, including game saves and trophies earned, will carry over into the full game once purchased.

You will also be able to set up your PS3 to wake up from standby at anytime to download and install game updates, videos and demos. System updates can also automatically download, but will require a manual install.

Sony also answered some of your burning questions. Like, what's the deal with cross-game voice chat?

"Cross-game voice chat is a feature we know our passionate user base has asked for and we'll continue to look at as a viable offering for the PlayStation Network," Sony said.