I know I'll be in the minority here if I even go for this but...
Over the weekend I was on the Adobe site looking to go from Photoshop Extended CS5 to CS6 and saw the $400 upgrade price and balked.
Two days later I see this.
My situation is a little different in that my wife is a Mac person and I'm a PC person so we've always had to buy two versions of the same software.
From what I've seen, with the subscription we can pay our $$ for both and activate two machines "on the cloud" with perpetual updates for as long as we want.
We'll spend quite a bit less than we would for our annual CSx to CSx+1 X 2 upgrades.
It's still expensive, but when was Adobe ever cheap?
I'm not happy that Adobe is force-feeding their "cloud" scheme on users, and to that end I agree and understand the anger expressed in this thread. But for my own needs I think much the same as you do. Previously I maintaind a creative suite that cost about $400/year to keep up with upgrades. Now it's 600/year, but I gain access to more apps. And I use them (After Effects, Premiere, Illustrator, In Design, etc.). So, it's personally a pretty good fit for me, but I totally appreciate how offensive Adobe's scheme is to so many.