2 years ago or so I was able to pick up adobe production premium for 729.00 (not student. retail). they were gearing up to release cs 6 so adobe production premium CS 5.5 retail dropped from 1799 to 729.00 at several retailers like bh photo and newegg. so anyway I said great and grabbed it. it had photoshop extended and illustrator and many more which was worth it.
I think I got a great deal and will not be upgrading to the cloud. cs 5.5 is good enough for my needs. the cloud is a great deal for people who have their employers paying for it. students get a massive discount and its a much better deal to buy a student edition outright if you plan to use photoshop long term.
the thing is you have to think long term. you build up alot of psd files over the years and your pretty much locked in to paying for the rest of your career if your on the cloud.