From what I can tell, play-sc basically buys copies of games in countries where the price is lower and then sell you the key for a discount compared to U.S. prices.
Good news: Many games are available at discount. Anno 2070 was about 60% off full price. Games work for online activation, multiplayer, everything you would expect from a legit version of the game. Also, at least for the game I purchased, it was downloaded directly from Ubisoft, so download speeds weren't an issue.
Bad news: they say a game is available 'instant'ly but it in my case, the order sat "queued" for 6 hours before the key was received. I see reports on here of it taking 19 hours in some cases. Ordering from a new company, especially one overseas, that can be a bit nerve-racking :).
If you can wait hours for them to process your order, then this is a way to get a good price. But don't expect the immediate gratification of buying a game directly from Steam.
Read the delivery notes as well. For a few games that check IP, the instructions may involve installing a vpn client to make your computer look like it is coming from the expected country during activation.
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