As someone who is responsible for purchasing software and maintaining license compliance for my organization, I love the subscription model. Sure you can say it takes away from the experience by never allowing you to "own" the software, but in most businesses you only use it until the next version comes out and everyone wants to upgrade.
But the biggest advantage here, bar none, is that everyone will always have the same version. Previously with Photoshop, we had our creative group which consists of about 10 folks and they always buy the latest version as soon as it comes out, then we have 10 or so random "power users" in the organization that also have photoshop but don't buy the new versions, so then we end up supporting multiple different versions and interoperability is a nightmare.
This causes significant budget challenges because when a new version is announced in May and released in July, and you didn't have any idea it was coming back in November of the previous year when you created your budget, now you have to figure out where to find money to buy it. The subscription model gives you an easily predictable cost, and users can always have the latest version. Additionally, you don't have to deal with folks installing rogue, unlicensed versions of the software so it greatly simplifies compliance.
We made the jump to Office 365 last year and in terms of licensing, you do pay a bit more for the subscription when you compare it to the cost of buying the newest version every 2-3 years, but the cost is steady and easy to predict and that prevents us from having to go and "sell" new versions to management and keeps us from ending up in a position where we're using an out of date version of Office for a few years.
The mistake Adobe is making here is restricting subscriptions with a 1yr minimum term. Microsoft did it right by allowing you to move your license count up or down on a monthly basis. Around this time of the year when my company brings in 10-15 summer interns, this is great. We can scale our license count up and only pay for those licenses when we need them.