Firstly, if you don't see any use to updating each year, why bother? Then you can avoid the licensing hassles, while you're at it. The main benefit for being on subscription is the technical support from Autodesk. Though, I wonder how many people realize they get that benefit. For most people, there aren't many really useful updates to AutoCAD each release. I will agree that there aren't many new updates to AutoCAD worth mentioning in the past few releases of the program. They've focused on areas that the generic AutoCAD program really shouldn't be pushed into. Things like point clouds, 3D solids, etc. Use the right tool for the job. Don't make a generic system like AutoCAD, that was designed for 2D work, do something it isn't designed to do. And with a (mostly) 2D tool like AutoCAD, there's only so much you can continue to do to keep the product new and fresh each release.
To add to the other comment about LMTOOLS, this software is actually a customizable 3rd-party network licensing product that's adapted for product-specific licensing by many companies out there, not just Autodesk. I believe most players in the CAD market use it, including Dassault (which also includes SolidWorks), PTC (Pro/Engineer), and I think Siemens (UG NX). There are also a whole host of other companies that use it outside of the CAD realm. While it LOOKS like it was made in the 90's, it does still function. Why bother making something look awesome when it's rarely opened and sitting on a server somewhere?
I'll agree that FlexNet licensing can be a real PITA sometimes. I should know, having to deal with providing technical support for it on a regular basis. (See disclaimer below.) But that doesn't mean it isn't a decent product, especially since most of the time it works just fine. But since it's been in use for such a long time, I highly doubt that it will be replaced with something that looks better and makes things easier to set up and use anytime soon.
But also remember that Autodesk produces well over 100 different products for all kinds of uses, not just vanilla AutoCAD. Things like Inventor, Revit, 3DS Max, Maya, etc. are all using these licensing and subscription models. While LMTOOLS and subscription/leasing may not be ideal for all of their products, it may be what they feel is the best middle ground for everything, rather than coming up with different models for different products.
Disclaimer: I work for an Autodesk partner.