What happens to all your iTunes if you stop a subscription of iTunes Match ?
Anything that's downloaded locally stays exactly how it is, everything in the cloud is gone.
Once you stop subscribing the local copies will stay. You won't be able to redownload the matched songs.
Any songs you purchased will always be available to redownload so long as the labels allow it.
Gone or you just have to redownload everything?
Gone makes it sound like everything gets erased.