I think the service is really good and from a technical stand point it is really impressive. I feel bad for Sony because they are getting a lot of hate for the prices when it's not entirely their fault. This is probably the only way they had to do it in order to get publishers to support it. Otherwise it would have been only first party stuff on the service.
Licensing fees is a tricky game. Even Netflix is having trouble keeping the low subscription price with no advertisements as they have tried a couple of times to raise the price. Sony has to do it on a game by game basis otherwise they could lose money with one flat rate. Thus they would have to constantly end agreements and titles will be taken off the store and the library will be unpredictable.
With one flat rate,Sony will also susceptible to changing economic conditions and they wouldn't be able to raise the price because they risk losing elastic consumers who will leave the moment a price raise is in question.
You just have to let the market take control, and fish for the best deals for the game you want in order to shape the service in favor of the consumer. Then the publishers will follow the most popular pricing for the rentals.
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