Yes, but the CC model is going to be only small improvements but more frequent so the engineers don't have to wait for a big bundled release to get new functionality out. Once the functionality is ready, it is released without having to wait on other functionality to be ready for release. The CC model will be ever evolving. That's why I don't understand people comparing CS6 to CC. The CC releases will continue to occur over the following years, there is not just one CC release.
Well, facts don't bear that out so far:
CS3 April 2007
CS4 Oct 2008 (18 months later)
CS5 April 2010 (18 months later)
CS6 May 2012 (25 months later - CS5.1 doesn't count as a release as it had virtually nothing in it for Photoshop)
CC June 2013 (13 months later)
Allowing for CS5 being 7 months later than the regular pattern, it's been every 18 months. The subscription model was started in May 2011.
Are we to believe that from now on, 2 and a half years after the subscription model started, we'll get faster releases in future?
And I mean not just more frequent releases of fewer new features, but a faster rate of development?
I don't think so!
And why on earth would they, when they've no financial incentive to do so? It doesn't seem likely that they will
increase their rate of development. And I would argue that since CS4 the rate of innovation in Photoshop has already been falling, release by release (or year by year if you prefer).