Well, provided you think Now will keep you interested for that long.
Sony says the deal is for a "limited-time only," but hasn't stated exactly when that period will end. The 12-month plan is available for both new and existing subscribers though, so if you're already on the three-month tier you can still take advantage of the cheaper pricing. Presumably, your existing contract will be suspended until the annual pass expires.
PlayStation Now launched with a meagre selection of titles, but over time it's slowly grown into a broad, if slightly dated collection. An extra 105 games were added in November, including Capcom heavyweights Ultra Street Fighter IV, Dead Rising 2 and Resident Evil 4. Tomorrow, Sony will be expanding the library again with a host of Warner Bros. titles including Batman: Arkham Asylum and Origins (Arkham City was already available), Injustice: Gods Among Us and a handful of family-friendly LEGO games.
The price and game selection is irrelevant, of course, if the streaming service is unreliable. Performance seems to vary depending on the game, the device you're streaming on and your internet connection, so it's best to go with the 7-day trial before slapping down just shy of 100 bucks.