I've seen a variety of responses and wonder if anyone can concretely answer the question: What happens to the applications after the 12 month period is up if the CC service is not renewed?
The last I understood the apps remain and will work though no new features will be added/updated/installed and the cloud storage space is reduced to 2GB. How far off the mark am I?
Alas no... Once you stop paying you stop getting access to any software. This is true if you've been renting for 1 year or if you've been paying in for 10 years (under the current arrangement).
I feel there is little incentive for Adobe to develop PS if they've a forced payment market. In the past we paid up for upgrades when Adobe had done something worthy of our £££. Now they get the money, even if they don't do an upgrade. Just look at the measly upgrade offering from CS6 recently...!
I bought PS6 as soon as I heard Adobe's plans for cloud and am glad I did. I won't be going on a subscription system as long as PS6 works on my OS - which should be a while...!