It's not cloud based software. It runs just like it always has, on your local machine. You download it, install it, and run it like always.
I guess I'm in the minority, but Creative Cloud has been simply awesome for me.
No I am with you, I really dont understand why people are complaining, and I was a version skipper. PP cost me about $1700 for 5.5, now I get everything for around $360 the first year and $600 each additional year. This is an unbelievable deal and I have loved it. It has opened up a lot more doors for revenue.