The songs from iTunes Match are 256 KBPS AAC iTunes plus. That means they don't contain any DRM.
It looks like the only thing you would lose if you stopped paying for it the next year is the ability to re-download the songs from iTunes. Which isn't really a problem if you back up your music anyway.
It looks like the only thing you would lose if you stopped paying for it the next year is the ability to re-download the songs from iTunes. Which isn't really a problem if you back up your music anyway.