Can't stop commenting on this thread -- sorry.
One thing people need to understand is that to Adobe, "Cloud" is just a marketing name. This is not a true "cloud" application. Ironic for a software company, but apparently somebody in marketing thought "cloud" sounded cool and modern.
As others have pointed out, the software gets downloaded on your machine just like today. The only difference is that if you stop paying, they nuke it.
Also, when people do their calculations, many here are comparing the subscription price to the full version costs. And, yes, it can look like a good deal if you are new to the applications and have to buy a brand new full version. But, I suspect most people are "upgraders" like myself, who bought a full version years ago and upgraded and expanded their options when Adobe offered deals.
I think I probably started with one license for Pagemaker, got that converted to InDesign and then, as Adobe started offering bundles, they gave owners of individual products a decent (but still steep) price to expand. Point is, you should compare the price of this subscription to the upgrade price, not the full retail price. Second point on this, Adobe only upgraded a "full" step every two years - Release version 1 in year one, version 1.5 in year two and then version 2 in year three. The cost for the .5 versions was usually much smaller and Adobe considered the full number versions as the true upgrades. So, you really only needed to pay every two years to remain current.
So, if you want to get an accurate picture of just how much more this is costing, take the cost of a two-year subscription and compare that to the cost of an upgrade. CS6 Design and Web Premium Upgrade right now is $375. Two year cost would be less than $16/month. So, even those on the "bargain" $20/month plan will be paying more and Adobe is only promising the $20/month price for one year.
Yeah, I'll probably go ahead and pony up for the $20 month plan in the first year. But I will be watching the market, watching what competition emerges and really evaluating my needs. As it stands now, I seldom use anything but Dreamweaver and Photoshop, with the occasional use of InDesign. Flash is dead, so that's of no use. I've kept buying because I figured it was worth the investment to stay current for the times when I do need one of the other programs, but now I will use the next year to take a serious look at what I do use and how often. Dreamweaver is fast becoming unnecessary with the growth of PHP. For the little I use InDesign, I can keep the CSS6 version pretty much forever. So the deciding factor will be what Photoshop competitors emerge.
Sorry for the long winded rant.