62 and older can already get a pretty cheap Federal Lands pass (which is what this is as well, not just national parks) for one-time $80 I think. So this is not a huge departure.
Typically you have to visit three parks within the year to pay for it. If you live in the East, it's probably not something you'd get every year. If you live in much of the West, it's probably something you'd be crazy not to get every year.