Can't understand Creative Cloud subscription

I can't understand what subscribing for Creative Cloud means, and it's very hard to find the answers on the Adobe website.
(1) What does the "requires annual commitment" option mean? Does it mean that I have to pay that monthly price for at least one year? If it does means that, am I free to cancel at any time after that year is up?
(2) Is the price on offer (£8.78 including VAT in the UK) just a special offer starter price or is that the ongoing level of pricing and for how long? If the price is likely to go up in time, is that likely to be more or less in line with general price inflation, or am I going to be stung after some initial period with a massive price increase? If I felt that I could no longer afford the subscription would I then be left with PSD files etc that I could no longer access?
Ian

Some general information
http://www.adobe.com/products/creativecloud/faq.html
http://helpx.adobe.com/creative-cloud/help/install-apps.html to install or uninstall
http://forums.adobe.com/community/download_install_setup/creative_cloud_faq
what is http://helpx.adobe.com/creative-cloud/help/creative-cloud-desktop.html
Cloud Getting Started https://helpx.adobe.com/creative-cloud/topics/getting-started.html
Cloud Plans https://www.adobe.com/products/creativecloud/buying-guide.html
-and subscription terms http://www.adobe.com/misc/subscription_terms.html

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