Yes, you can pay like $60 bucks in advance for the full year, it's actually cheaper to pay a full year and works out to about 50-60 bucks I can't remember. Sometimes they have discounts on that but rarely. You can work amazon sometimes to get credits and use them to buy PSN money to pay for the PSN+ network for the year.
As for the free content you get new stuff every month free, they usually roll something out on tuesdays so you and swap things around, so there is usually free content constantly coming out. The caveat is that it's usually older games nostalgic stuff of minis, lot's of fun stuff in there though I got some old final fantasy's and plants vs. zombies stuff like that. Old resident evils. Usually the bust out this type of content to hype a new version of the game coming out. One thing for sure that is awesome about it is the free full play game to try out for I think about an hour. You can download games that give you 1 hour of full play before you pay. This way you can try all the major games before you spend $60 on them. That can save you money right there. Also you get on beta the others can't, and you get a PSN produced monthly video program thing or two...Can you get by without it? Sure, but if you happen to have the cash available, it's worth getting for the year in my opinion as you'll get your money back in value.
