Does it allow re-download later like PS+ does? Also if my subscription lapses and I renew does it allow re-download? Will grab them now.
No, for PS+ and X1, if the "free" offer elapses and the content is not still up for a free offer, you no longer have access. Xbox 360 the games are still yours, but X1 work's like PS+, where the content is gone even when you re-subscribe.