I don't much care about the cost, I care about the control. If I edit photographs in a post-CS6 cloud-based Photoshop, and if I then do something that seriously annoys Adobe, they can turn me off. I no longer have access to what could be thousands of hours of my own work -- not Adobe's work, but mine. I suspect that right now, somebody somewhere is planning to do just that -- annoy Adobe, get turned off, and then sue, not to be turned on again, but with a claim that they were irrevocably damaged by Adobe's action, that no EULA can apply to somebody else's *work* (not the software, but the *work.*) If just one photo geek somewhere wins, say, $100K with such a suit, I think many, many people might pile on.
I think the Adobe EULA has a lot of stuff in it that is designed to frighten people, and that Adobe wouldn't even attempt to enforce a lot of it, but suppose there was one thing that would really piss Adobe off, and cause them to shut you down? Well, there is. Suppose you lost your job and temporarily couldn't pay the fees? They wouldn't want to hear that, at all. They would quickly stop supporting your software, like, tomorrow. And this is not some random annoyance that some evil guy at Adobe uses to turn you off...this will be a common, routine occurrence and I suspect over the years would cause them to turn hundreds or thousands of people off...and those people would then lose access to their past work.
Let's take this out of the photography realm for a moment. Suppose I am a professional writer who specializes in writing software tutorial books; let's say my name is Shoey. I go to a cloud-based Microsoft Word where I write a complete how-to book, and I'm negotiating the sale of the book for a very large sum of money, but something I say really pisses Microsoft off -- like, "I'm broke, and I temporarily can't pay the license fee until I sell my book." So they turn off my Word, and refuse to give me access to my own work. Would I sue? You bet I would. And I would sue for a screamingly large amount of money, not only the loss of the sale of the book, but the loss of opportunity -- the momentum that book would have given other books, to my career, etc. Microsoft may have the right to control its software, but they have no right to deny me access to my work.
How is that different than if you find you can't pay Adobe to continue the license, they then refuse to let you have access to your past work? Answer: it isn't.
Adobe could largely protect itself, IMHO, if they added a facility that would "freeze" Photoshop CC at any given point that would allow the users full access to export functions for his stored images and the image modification files, so that while you might lose access to Photoshop, you wouldn't lose your own work.
I think they could do that, but I doubt that they will.
My feeling is, this is going to end badly.