So many misconceptions about Creative Cloud.
The software is NOT cloud-based. You install it just like the current versions.
You do NOT have to be online 24/7. In fact, it will ping the server once per month to check the license. That's it.
The $600 per year is about the same cost of paying for the .X upgrades every other year for the average CS user.
This has certainly been my experience. I would have upgraded to CS6 Web Premium a year ago which would have been around $600 I think.
I'm a freelance web designer so use Dreamweaver and Fireworks, with a little bit of InDesign and Illustrator. I tried Creative Cloud at the reduced rate of $30 a month, which seemed a no brained and a good way to try it out.
And having been using it for a year, whatever people think about the price, I can't imagine it working better than it has. There have been a lot of misconceptions in this thread, but the way you download everything locally means there's no difference whatsoever in practical usage terms. Other than the very occasional prompt to login when I fire up an app, I'd never know it was cloud based.
And it does seem that Adobe have added quite a lot of new smaller apps and services which are included, for example all the Edge stuff and Typekit which is included.
Maths wise, it wa a no brained the first year, and I think at full price it might work out marginally more expensive than upgrading every 2 versions, assuming a new version every 18 months. But I do feel I'm getting a bit more, so don't think I'm going to object too much. And now that a new version is about to come out, I do t have to think twice about upgrading.
So I think it all comes down to how often you would tend to upgrade really.
For any skeptics out there, I'd recommend trying it for the first year at the intro price, and see what you think. My experience has been overwhelmingly positive.