You get all of that plus access to your music via "the cloud" for up to 10 devices at the same time.
OK, the value of that to you will depend very much on how often you think you'll want that facility and how much music you actually own, but it does compare quite well with the more DIY version you could do yourself with other services.
First, any music that is available in iTunes does not count towards your usage quota of 5Gb (it's not clear if more storage can be purchased at the moment) and you do not need to spend time uploading it because it's already there. So, if you have 400 albums and 399 are in iTunes, you'll only be uploading and storing 1.
Second, $24.99 (probably £20.99 in the UK) isn't actually that expensive for cloud storage, taking a simplistic view 400 albums may be about 40Gb of storage, that'll currently set you back $9.99/month or $99/year on Dropbox or if you only want online music then Spotify will cost you £4.99 or £9.99 if you want to use it on a mobile device.
OK, this service doesn't match 100% with either of those two because Dropbox doesn't limit you to music storage and Spotify doesn't limit you to what you own, but it still comes in at about a third of the price.
If you have 250Gb+ of music like I do, then this is spectacularly good value (especially as I couldn't say for definite that all of the stuff I have is legit), but if you have <10Gb it doesn't make much sense at all.
I'm actually hoping that this takes away the need to even bother ripping a CD at all, it should be possible to put the disk in the drive and just download the tracks to all linked devices as soon as the album is identified.