From reports I've seen from others that have read further into this than I have, it sounds like there will be a cloud DVR with unlimited storage space, which is great, but I also read somewhere that there won't be an "on-demand" feature. If you don't DVR a show, you'll miss it. I hope that's not true. In the age of Netflix, there should be some sort of on-demand option for catching up on shows or finding new ones.
The plan doesn't look horrible, though I don't think that this is the service that will get me to cut the cord, either. It does seem like they're offering a decent variety of channels, but there are some that I enjoy very much that don't offer a standalone option at this point that aren't on the list that YT is launching this service with...