I think the subscription model makes a lot of sense because:
- You pay small amounts regularly instead of gigantic amounts randomly every once in a while
- You have a constantly updated version of your software, and don't have to put up with outdated stuff just because you can't afford to upgrade, or don't see enough benefit
- Anyone who makes money can afford it for sure
- Adobe has a constant income for constant development
… however, this will be a major problem for people who:
- Don't make money regularly, or don't make money from Adobe products
- Don't mind having an old version
- Only use a product randomly, every once in a while, in a way that is not predictable
- People who just hate the concept of subscribing, and hate the thought of immediately losing all their software were they to not afford a monthly payment
I personally like the feeling of owning something, and having it forever, but I also like the feeling of having up to date features (such as liquify for smart objects, which I have always been wishing for, and enhancements to Camera Raw). I do hate subscriptions, and that's the only reason I don't own a smartphone. I like saving up, paying a big sum, and then owning something forever. But nowadays, nothing lasts forever. While you used to buy a Leica camera that would last you a lifetime, today and iPhone will only last you a few years, software will become obsolete soon, and hardware will not be able to cope with new software within years. So you're technically always "subscribing" to something, but instead of paying monthly, you pay randomly, a big sum every few years. It's less stressful: you can't afford CS6? That's okay, just stick with your CS3 for a few more months, it won't be that bad. But you can't afford your next monthly installment? Too bad, you'll have no Photoshop at all.
I honestly don't know if I like it or hate it. It makes sense, it will work, it will reduce piracy, it will make Photoshop affordable (because it was ridiculously overpriced, especially if you're not in the retouching/photography business). But psychologically, it will suck. It will add stress and it will remove some freedom: you won't be able to take time off from your job and have no income for a few months, while continuing to enjoy life. You'll instantly lose everything you felt like you own. But this will become the case with everything anyway, soon. You're already paying off your smartphone by the month, you're already buying OS X every year, and you're already buying a new computer every 3 years. Might as well consolidate them into monthly payments…
PS: Yes Apple is pricing their pro apps very low, but keep in mind that Apple makes most of their money elsewhere, from hardware sales. Their pro apps just make their platform and ecosystem a lot more compelling (you want FCP X? you'll need a Mac for that). Adobe makes money just from software.