Does anyone have experience with this type of plan?

My company has a similar plan. Our annual fees are closer to $200 than your $100. $30 trades are what we are paying if you choose the self-directed individual stock 401(k).

In addition to stocks, we can purchase any publicly traded security and any of the mutual funds offered by/through Schwab.

I think that this type of 401(k) plan is great, and apparently, they are becoming more common.

BTW, in our plan, if you choose not to participate in the self-directed individual stock plan, you can avoid the annual fee, but then a plan participant is limited to the mutual fund investment options of the base plan.