$9.99 limited time offer LR5 & PS CC

Hi!
I already have purchased licenses for LR 5 and PS CS6 and they are installed on my computer with many plugins tied to them, meaning a lot of investment there. What is the advantage here 20GB of cloud storage for $9.99 with an insurance for free upgrades ( updates I already get for free). Also $9.99 per month is with a 1 year commitment, what is the pricing after that initial year and will there be cancellation charges if I opt out after year 1?
I am a photographer and am not interested in any other product, nor with the sharing aspect, I already post my photos (archival quality) on Picasa for $2.60 per month for 80GB.
As I understand applications are installed on my computer and are not used from the cloud, please confirm this is right?
Will future upgrades for LR and PS come from the cloud with a subcription, or will individual products still be availabble for purchase without having a Ccloud subscription?
Thanks!

Noel Carboni wrote:
As opposed to a perpetually-licensed (but old) version ceasing to work the instant Apple or Microsoft releases a new system that eschews compatibility (nah, that never happens). 
For that statement to be correct, one must add "…and only if and when you decide to adopt such a new system". 

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