"Only $120" on top of what I've already paid for LR 5 and CS 6, which is why it's a question for me - because I already own 98% of what they're selling. And this is $120 per year, every year, on top of that. So there's been no "cheaping out" on this end. My question is, were it not for the CC offering is this something that would have been offered as an upgrade to PS owners, or would it have sat around for version 7? That's where the cheaping out question comes into play for me.
Obviously at some point they will offer something I can't live without, and there's always the question, "Will it still be $120/year or will they raise the price?" Not knowing what that is or when that is will be is my current roll of the dice. Perspective adjusting is nice, but I have that in Lightroom to some extent already, just not at the controlled level that they are giving in this release - but I rarely find myself saying, "If only I could back that part out just a little", and I rarely merge objects from multiple photos (though I suspect this will make for a lot more convincing results when someone decides to put person A's head on person B in a compromising photo). Linked Smart Objects isn't something that means a lot to me given how little I use SO's now.
Granted, I waste $10/month on less worthy things. I just don't like the Adobe model and hate the idea of lining their pockets month after month in what almost amounts to protection money. But like everyone in the neighborhood, unless someone else comes in with something better I'll eventually cave to the strong-arming.