I think, as long as the price point is reasonable, that this business model could be great for both EA and consumers alike. The model they are describing is more akin to the Netflix model than the WoW model. Essentially, you pay some sort of fee and you have access to ALL of the their games on ANY platform. I haven't purchased any EA Sports games in years because of having to pay $180+ every year just to get the latest content for my 3 sports games of choice. Using this model, I can pick up and play my 3 favorite titles, plus any others if the mood strikes me, and I do not have to worry about paying the yearly EA tax.
Of course, this is all dependent on my original caveat: the price. In my case, the price will have to be low enough to provide some reasonable level of saving, i.e. $10-$12/mo at most. If EA is smart, and of course that's a big "if", they will pick a price point that will attract more casual players.
Side note: If this post is somewhat incoherent and disjointed, it's because I haven't had my coffee yet this morning.