I don't actually mind it too much. From what I've seen, the pricing allows you to cancel your subscription at any time. Meaning, if you only need the program(s) for a couple months, buying an entire suite would be very expensive and wasteful.
I would actually rather see the pricing model like this.
1 Program = $15/month
3 Programs = $30/month
All Programs = $50/month
If you do video editing, you'd need Premiere, After Effects and Audition. For someone to pay $60 is stupid, so they'd go with the $50 collection. Problem is, you are getting access to a bunch of junk you don't need and having to pay for it. I'd say, most people would need a distinct set of 3 programs for most projects.
As for individual pricing, I don't see a problem. If you were to only use Photoshop, the previous price was $1000. That would mean 50 months of payments. And that would not include any upgrades. My question is, how many people have CS3, CS4, CS5, CS5.5 and C6 on their computer right now? How many people, AFTER UPGRADING multiple times, keep every version active on their PC?
Lastly, the thing about "not owning" it, is kind of childish to me. Look at Playstation Plus. They give you "free games", as long as you still have the subscription active. If you cancel PS+, you don't have access to those games anymore, yet nobody is furious with Sony.
If Adobe becomes complacent with these updates and they start rolling out bullsh*t features like Autodesk has been lately, then yes, this CC Model sucks and would be more harmful than good. But if Adobe supports these products and updates are well worth it, then I sort of welcome the pricing model.