Are PS+ Games Free Games Shareable With Other Accounts On the Same PS3?
Solution 1:
Every profile on the system can play any game as long as the account that holds the PS+ subscription is present and active, even if profiles are for other regions. For instance I have both a US and JPN profile on my system and play all the JPN titles from my US profile.
If you cancel the PS+ subscription then all of the Free titles become locked. Any game you purchased, even at a discounted rate is still accessible to all profiles.