This means that you will no longer be able to purchase the latest version of Photoshop, Illustrator, Dreamweaver, etc and use it for years to come. Rather customers will need to pay $49.99 a month for access to Adobe's applications. If you cancel your subscription you will no longer have access to the software.
The switch will come in June when Adobe releases new versions of its applications including: Photoshop CC, InDesign CC, Illustrator CC, Dreamweaver CC and Premiere Pro CC.
For those that already have a purchased version of CS 3 or later, your serial number will get you a 40% discount on the first year of subscription. That works out to $29.99/month. Everyone else will need to pay $49.99/month on a one year commitment or $74.99/month with no commitment. Single apps are $19.99/month.
Creative Suite 6 will still be available for purchase; however, it will only be updated to address bugs.
More details on the improvements in the upcoming CC applications can be found here.