Hey sorry mate for the late reply Actually I am not much frequent these days. I think you might have got the required answers from others guys.
Anyways I would like to say go for psn+ subscription you wont regret it. Sometimes they do give you awesome games for free which means 12gb version won't suffice unless you plan to download>play>delete.
However one downside (If you like multiplayer) is the point prabs has mentioned in his point no 2. For promoting the (early rushed for idiots) ps4 they can do such things.
Hope this helps.
@vyral_143 - @prabs has you covered regarding Playstation Plus Subscription. Only correction Cloud storage is 2 GB now I think.
Also, you can make do with a smaller HDD by just flagging the Free Instant Games when they are made available. (Flagging - Download and delete the download immediately) The Games gets marked as "Purchased" and gets Flagged as a download in your download list.
You can re-download the game anytime even after the Instant Game has been replaced with newer games next month. The download list is on the cloud so you can always back it up too. (Need to check).
Remember that for doing this you will still need an active PS+ subscription. It's not like the subscription has expired and you'll be able to re-download games which were free.
Also, PS+ service won't bring the latest games as Instant Games Collection (Free monthjly games). Don't expect Destiny to be free next month.
This month's games were Dead Space 3 and a couple more.