You can no longer purchase Adobe Photoshop!
Some people just don`t wanna work from the cloud.
You do realize that you still download and update to local machine and execute from there, right? It's just a timed expiration version, either 30 days or you have up to 180 days disconnected with it working just fine if you have an annual sub.
The only cloud part is offering the storage online, the program is still installed on your machine. It's just a change to a timed license rather than a permanent one.
The reason it's good for software companies is it smooths out revenue. For home users permanent licenses are good you can upgrade when you feel like you need to. A lot of mid to large sized businesses though also benefit from the smoothing, which is why the decision has actually been well received. There's usually internal and external pressure to be using the latest for businesses. For CS, if a design company had 60 licenses they'd have to plan on having 40k or so to outlay every few years and go through an upgrade cycle instead of just budgeting for what it costs monthly to be licensed.
I dunno, there are things I like about both licensing systems, but I'm pretty sure with most stuff being delivered over the wire instead of on disk the subscription model will be the norm in the future.