In defense of the new subscription model:

$25/mo or $40 (whatever, I can't remember what I started paying at and what I pay now) isn't a lot of $, and for someone just starting their career, it's a lot cheaper startup cost (it would take me more than 2 years to save up at $30/mo). Think of it like freshbooks - hiring a bookkeeper is prohibitably expensive, but I can automate essential functions of a bookkeeper for only $10/mo.

Ok so lastly, it's not just the software or updates. For the basic subscription you get 2 installs, cloud storage, type kit font syncing (no need to download and install, it syncs fonts automatically) and you can store elements and settings that can be used across platforms on CC.

You can also download and use assets for free (there's a lot that's paid but there's some good free stuff) and there are all sorts of tutorials available too. Maybe for the expert designer this is all a waste of time and money, But I think if you took some time to look at the features you would be surprised by what's there.

And astly to answer your questions if you sign up and cancel payment (I think) you have 30 billing days and then it stops working. Similar to how it works in general; it doesn't need the internet to work but it does need to connect occasionally for updates. I have read about people cracking CC, but with CS6 it was quite difficult as the software has a tattletale function that unless you can remove will activate when you connect to the internet.

Unfortunately this is the new model of software. It might hurt to do the math and say that spending $40/per month - $480 a yr - on something you can't hold in your hands is ridiculous, but it isn't. Do you have cable TV? How often do you use it? Does it offer any value to you when you read a book or do something else? What I'm saying is you can't divide out the price in such a way as the only source of value.

I would suggest trying it out (they still do the 30 day trials, so you can play that game for a while) and trying to get a student discount or sharing a sunscription. Currently because my father doesn't use CC often, I set up my second subscription on his computer so he can use it when he needs it but doesn't have to pay for it. Maybe you can find someone to share.