I agree, not to mention you're not locked into one version of the software or platform.
The last version I had to buy was Production Premium CS6, but that didn't include InDesign or Dreamweaver which I needed to use on and off. It also didn't include any of the HTML5 software which a colleague of mine uses on the regular.
We also switch off from Mac to PC at least daily. Or if I am on the move and need to make quick adjustments on a project I can fire up Illustrator or PS on my Windows 8 tablet.
If I am at a clients location and I can download Premiere or PS into a container, use my license, make edits and changes, then delete the folder.
That alone beats any reason to just pick up the old school version of Adobe apps, and is very reminiscent of the Dongle days of Avid.
The sad part is that none of them are really dramatically different. When I worked for the Baltimore Sun, they had upgraded from Photoshop 4 to Photoshop CS2 and non of us could understand why they waisted money on the upgrade. No one in the photo department was going to do any composite work.
The next version was CS4 to get Intel based Mac compatibility.
Next was CS5.5 to get Premiere, after the newspaper finally gave us the go ahead to do video work.
From PS4 to CS5.5 and the workflow never changed for the photo side, but all of these versions needed to be bought for minor reasons, and we had to pay full price for the apps/suites.
With CC, it's a 20th of the price, we stay up to date, and we can cherry pick the apps we want on our systems on the fly.
Both models have their ups and downs,
If it's your 9 to 5 job then ya I can see that being a well deserved expense. But for the average user only needing to open the program from time to time to do whatever then the upgrade and life time fee may be unnecessary.