I will not complain completely at the service. So far, the prices that we have seen have been for PS3/PSN titles, and the proof is there that they will be cheaper going from platform to platform. Also, the PS2 and PS1 prices are justified, regardless of where they will ultimately be set, because they will have trophy support and they will be enhanced for HD and DS4 control.
Another point to bring out is that Sony has done some market research because obviously there isn't an intermediate value between 4 hours (good for short stints) and 7 day (Typical Blockbuster fare) rental periods, and the 7 day rentals are in fact, if you compare value to value, more valuable for the money than they 5 day rental period that Blockbuster offered before they got bought out by Dish.
So while not everyone can beat a game in 4 hours, nor should they try, the 7 day rental period can get the job done.
Oh, one more thing, @
Samus, I too think that it is silly for testers to pay for the service while it is in beta.