Benwiggy I'm sorry that you feel that way. I'm suggesting it as a possible solution to certain people's issues. I'm not an Adobe employee and can only speak from my own experience. I'm the type try to fix things more than I am the type to only look at the negatives/problems.
I think it saying my points don't "hold water" is based more in your frustration than anything else.
I will focus first on backwards comptability:
Adobe Illustrator has always had the ability to export legacy EPS formats, which means that not only can you open EPS documents in any version of Illustrator but other vector editing progams as well like Corel Draw and Freehand.
Adobe Premier has the ability to export into the OMF (Open Media Format) which means that not only can this be brought into previous verions of Premier, but also Apple Final Cut Pro and Avid video editing software as well.
Beyond that see this thread in the forum: http://forums.adobe.com/thread/1032691?PID=2159997
Adobe InDesign has the ability to export into the IDML format (since version CS4 I believe) which is a standard practice in Digital Print Production (more of my actual background and part of my perspective on Creative Cloud is based on this), which allows you to use the IDML for you to work backwards compatible, common issue between in-house production statff, printers and vendors.
Photoshop has never really had an issue with opening PSD file from later versions with the layers entact. Use Maximum PSD compatibility option when saving.
I'm not as familiar with After Effects backwards compatibility because everyone I talk to who uses AfterEffects always seems to be on the latest version, but there is apparently a AEscript that deals with this: http://aescripts.com/pt_opensesame/
Adobe Flash has always allowed you to save backwards compatible versions since at least CS3 if I'm not mistaken. You can also save in XFL format. I'm sure if I am someone will correct me.
Lightroom Libraries can be opened backwards compatible. Also don't forget the DNG format. Love Opensource.
Dreamweaver is all about coding, no backwards compatibility issue here.
Most of thses options also ironically allow you to capability to open your files in Applications developed by Adobe's competitors or the open source community. Not sure you can ask for more than that.
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Lock out issue.
I like electricity, phone and cable internet, they let me be productive and enterained and are definitely worth the ROI, so I pay those bills every month and those services don't get shut down... not seeing an issue here....
Ok, you don't like that, I get it. Alternatives: prepay for the year. Throw it on a credit card and forget about it. Offset the cost by eliminating unecessary spending elseswhere, pass the cost on to your client or simply get over it and realize that you probably spend more a month eating out, watching movies, buying magazines or doing something else that doesn't put money back in your pocket.
I hope this information was helpful. I'm not trying to diminish anyones point of veiw or say you aren't entitled to your feelings. But in the end most of us on this forum are Creative Professionals. Problem solving is what we do for a living. Adobe give us tools that make that easier in an ever changing landscape.
There are reasons that Creative Cloud will make our lives easier and if you can get past the emotional reaction to spending money with them indefinately or the fear or what happens if you can't then you can clearly see the value.
The problem here is psychological. Its the fact that it is such a drastic change to business as usual, and it is the anxiety that comes from the possibility of the worse case scenario.
Again the easiest thing to do to avoid the anxiety of CC is to either prepay or use an open credit card. In terms of first year cost, it would be about what you pay if you were upgrading to Master Collection anyway and you get value and applications beyond what Master Collection would traditionally provide.
If you are in print production or web design and have ever had to purchase fonts, typekit alone is worth some of the monthly expense (good typefaces even web based can get EXPENSIVE). 20GB of cloud storage cost a pretty penny on services like Dropbox etc, so there is that as well.
Dollar for Dollar its worth the value, its not perfect, it can be better, it could be cheaper. But to quote Batman (JLU) "This is all that left to us, deal with it..."
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That's probably the most ridiculous of all the ridiculous arguments against the subscription model I've seen so far. 
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