I can see PS Now being a flop and an embarrassment for Sony unless they fix the pricing and introduce a reasonable subscription model. Right now its better to buy a PS3, grab up those old games, plus whatever PS Plus offerings are available. I actually like the Playstation TV because it essentially makes Vita a console, but its a niche market. I just want to play PS1/PS2/PS3 games somehow. For now it seems like the best bet is still to have the actual consoles (or a BC PS3, but good luck finding those).
The Instant Game program itself is only 2 years old. Don't forget that it wasn't started until the end of PS3's cycle.
PS Plus has more than paid for itself for me.

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