I subscribe and enjoy it. It's great to catch Formula 1 when I'm out and about doing errands, and for 99% of my use case the music side of it is just fine. Commuting to and from work I don't need much more than "random playlist of genre x"
It works out to be $120/year, and that's with Howard Stern, and all the sports etc.
Could I do all this streaming with my phone? Most likely, however with this I don't worry when I drive down into the States that I'm now "Roaming" or really worry about data usage at all. Also I don't have to think about it.