I haven't used the service for several years now, but when I did, I never felt like I got my money's worth out of it. This price increase is retarded, but it won't change the fact there they will still have millions of subscribers.
Personally, I generally hate the pay to play service model that more and more of the gaming industry is trending towards, but it does seem inevitable. That said, I essentially refuse to pay for any of them -- I would rather not use it then have to pay for it. Playstation Plus and Xbox Live are not exceptions.