The game comes directly from PSN Store, you will be able to go online, get updates, etc.
After the setup process, the game will be available to launch on your own account, just as any other game or app you purchased directly in PSN Store.
This is an existing account with 9 or 12 months of PS+. By setting this account up on your console you will gain access to PlayStation Plus features on every other account on that device.
You will unlock PS4 multiplayer and Share Play, however the monthly free PS+ games might not be available in all cases.