From the Adobe Website FAQ:
Do I need ongoing Internet access to use my Creative Cloud desktop applications?
No. Your Creative Cloud desktop applications (such as Photoshop and Illustrator) are installed directly on your computer, so you won't need an ongoing Internet connection to use them on a daily basis.
You will need to be online when you install and license your software. If you have an annual membership, you'll be asked to connect to the web to validate your software licenses every 30 days. However, you'll be able to use products for 180 days even if you're offline.
For me it's all about the price, and the price is great at @ £50/month for use every Adobe program including all the creative stuff, PS, Illy, dreamweaver, indesign etc but also acrobat, lightroom etc. The full list of what you get is huge.
But I don't want all of those programs. I just want photoshop and it looks like there's currently no option to spend less and have access to only one or some of the Adobe suite. I would be willing to pay about £10/month as a subscription for the latest version of photoshop alone, given how much I use it. I happily pay about the same amount for spotify. I don't want to pay a ton of money for stuff I'm not going to use.
So it looks like the statement that Adobe are currently making is: use all of our suite or none of it. I suspect that they are going to see what the take up is on the full suite first and then start releasing cut down options if their business model requires it. I do hate the dishonesty of the way it's rolled out though: 'We love you, our customers we only do what you want to support your creativity etc etc.' No. You are a business and you are in this to make money. You have no emotional connection to your customers. You the business and we the customers perform a financial transaction in which we each try to maximise the value of that transaction to ourselves.
:: Edit :: Just checked the adobe webiste - they do single app plans @ £18/month per application. Still too expensive in my book but much better.