Well, the usual human resistance to change is in full force today... photographers all throughout the Interwebs are losing their collective cool over this. The sky is falling the sky is falling.
People please! You never owned software, what you always bought was a license with only a time limited assurance of support, bug fixes, etc. Then you upgrade to the next version at semi-regular intervals and so it goes on for eternity.
I get people's uncertainty and concern about costs. For photographers who use nothing but PS and LR, the $49 per months is definitely higher than the 18-24 month upgrades. If you didn't upgrade every release then sure, it's a fair bit more. But you're getting more... new features, some cloud storage, access to other Adobe apps that maybe you'd like to use occasionally, and you get to install on two computers. Not everyone has a desktop and a laptop so that's not a benefit to everyone but I think it may be for many/most photographers?
For people still using CS4 who are complaining, don't worry and keep using CS4. Seriously, if you haven't upgraded yet you weren't going to anytime soon. And, they clearly said they're going to keep selling CS6 as a stand-alone for the foreseeable future so you'll still be ok.
Many news reports state that Adobe claims they're going to reduce the price of single aps to $10/month but I can't find it only any official source. If true, that's cheaper than upgrading PS once ever two years.
I dont' know guys and gals. Doesn't seem so bad to me but I'm one who's long accepted that I don't really own anything anyway and have no issue that songs I buy digitally can't be left to my kids when I die. Poor Bruce Willis and his extensive music collection will just have to suck it up.
If, as some are proclaiming, this is a big mistake for Adobe and it opens the competitive door to other photo applications then Adobe will tweak their pricing a bit. Time will tell. And life will go on.
Eventually, there will be features that even you die hard CS4 users are going to want and you'll be paying that monthly like a trained monkey... you pay your cable and phone bill every month right? What bigger rip is there than that? $12/day for 3 grande lattes? $2/bottle for "natural spring water"?
Onward and upward dudes! To the cloud!