Almost a year after this thread was started my comments are in essence the same as shared here.
I pretty much agree with everyone's dissatisfaction with the "Cloud" approach. Most of us have been using and paying for Photoshop for a long time, buying incremental upgrades as they became available. I get how we never really "own" the software, we just have purchased the right to use it. The fundamental difference for me and a lot of others is that before Adobe's "cloud" approach the customer got to deciede if we wanted to upgrade to the next version or not. If Adobe didn't innovate or improve on the feature set and performance we could vote with our buying decision, holding off on purchasing the next version (a practice I rarely did). Now we're all paying to continue to use the software regardless and what's worse if we don't feel like the software is worth the monthly/annual fee the software time-bombs. The new approach is ideal from Adobe's point of view but for the consumer or business they run the risk of all the stuff they have created being useless (at least the adobe specific files) unless they continue to pay; before you could still do whatever you wanted with the software but lost out on new features and functionality until you upgraded. Businesses that purchase a significant amount of licenses (along with hardware to run the software from another company) wouldn't be able to treat the combined investment as a capital expense under the new monthly subscription model.
I fear that the motivation on Adobe's behalf to continue to add value in terms of feature enhancements will be a bit attenuated now that they have folks on the hook a bit more than in the past. As far as the cloud storage goes I have at least four online data stores and I do not need a fifth. I also don't plan on using the apps "in the cloud" like from the library or some other ridiculous scenario. I'll still be downloading/installing the apps locally on my PC or Mac.
There have been a lot of companies that have adopted "cloud" models for software; I have yet to see where the decision to do so was driven by consumer demand.
Good comments all around in this thread.
--Robert