I'm a huge fan of Live. Why? mainly because it's seamless. When I turn on my 360, I'm auto logged in and know exactly how many friends are online and what games they're playing with one click of a button. Then I can always expect a tons of demo's and game videos from just one location vs. following threads on forums to know what's coming. If I feel like playing some old school games, marketplace takes care of that also. From that same tab, I can get movies/TV.
All that though, is in PSN, except movies/tv isn't nearly as widely available. On the other hand, you can also check the forums on the PS3. Seriously, though, that's something I'm getting a lot out of. I frequently read B3D from the PS3.
If the kids on an online game are being annoying, I can simply goto private chat with my friends and be done with it.
That, I guess isn't in PSN yet, still probably depends on the game. Though that said, I haven't needed it. People are surprisingly polite on PSN, as was mentioned in the 1up show.
Would I like it to be free? sure, why not. But I also understand that the paying membership is responsible for bringing the entire feature set to the rest of the community. At $4 a month, I not concerned. Hell, a starbucks drink can amount to about that much!
Live would be a valued service on ANY console.
Just saying that PSN isn't that far off the mark at this point.