Part of what bothers me about this, is that I really want the PS2 catalog to expand and get tons of support on PS4, but with this price point and the complete lack of cross buy, I don't see it generating much success. Yeah, the audience who care about that is small relative to the general market, but I think the audience that bought PS2 games on PS3 will be a large portion of the market for people who would buy PS2 games on the PS4.
This service itself strongly appeals to the same niche audience that they are alienating by disallowing cross-buy/discounts and having a premium price point. The folks with the most desire to play PS2 games are probably going to be the ones who have been long time PS consumers.