No, but the content that you get offsets it to the point where it might as well be.
Basically this. It's still not free though. That said, I'd rather own my games. And I'd have to pay $50 bucks to rent them for a year when many of them I can get for $20 and own them forever. For certain games, it's a one time low payment to have it, and physically, at that, vs $100 for two years.
PSN: kewldude475; 3DS FC: 4253-3798-3218; Steam: kewldude475; Vita is just a PSP with higher specs - Megaman Omega
They're not free. They're part of the paid service (and the keystone part of the service, at that). However, that doesn't mean that Plus isn't great value for most of its subscribers. It's a little dispiriting that the most common argument against Plus seems to be "Sony aren't giving you those games for absolutely nothing at all, you know".