This is me exactly. I'm not really a Waves apologist, but I like the plugins, the price, and WUP doesn't really bother me. I've only "Wupped" one time, after having several versions of Waves over the past years. I've been able to get some great plugins and bundles at great prices by slowly upgrading bundles.
We are only "assuming" they are going sub only - what we know for sure is that resellers will not be able to sell them anymore. Waves may continue to do so (and I hope they do). But, like others, if they go sub only, I will not subscribe.
The only silver lining to me if they go sub only is that all those that have said "WUP is a subscription" will have to admit it wasn't. ?